How Wall Street's Rolling Back Financial Reform

readersupportednews.org, Rolling Stone by Matt Taibbi | Sep. 21, 2012 (News Report)

all Street lobbyists are awesome. I'm beginning to develop a begrudging respect not just for their body of work as a whole, but also for their sense of humor. They always go right to the edge of outrageous, and then wittily take one baby-step beyond it. And they did so again last night, with the passage of a new House bill (HR 2827), which rolls back a portion of Dodd-Frank designed to protect cities and towns from the next Jefferson County disaster. Full Story »

Posted by Dwight Rousu

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Randy Morrow
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 by Randy Morrow - Sep. 22, 2012

God forbid! Thankfully, this new law provides an exemption from that “highest standard of conduct” providing the bank or financial company is not just giving advice, but also performing a merely technical function like underwriting. The details of this law are pretty hairy, but the basic idea is simple: provided a bank isn’t dumb enough to only provide advice, or to ask for separate compensation for advice, it doesn’t owe anyone any goddamned fiduciary responsibility. So they can keep screwing cities and towns as much as they’d like. —- This bill passed last night with the support of both parties and Barney Frank. Are you proud to be an American yet?

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