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December 18, 2015

Don’t Weep for Wall Street: Banks Won More Than They Lost This Week

“The verdict is in on the big year-end tax and spending deal, and everyone agrees that Wall Street was one of the biggest losers. Bank lobbyists had a giant wish list of riders to attach to the must-pass package. They hoped to roll back Dodd-Frank regulations, deliver a mortal blow to the Consumer Financial Protection Bureau, allow investment advisors to continue to rip off their clients, and much more.

“None of that panned out.”

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“This will make it harder to unwind systemically important financial institutions if they run into trouble, as a subsidiary with uncollateralized exposures cannot be sold off to avoid failure. This can spread through and threaten the entire financial system, as it did in 2008. “The lack of initial margin… creates a ticking time bomb,” said Better Markets CEO Dennis Kelleher in a statement condemning the CTFC’s action.”

***

Read the full ‘The Fiscal Times’ article by David Dayen here

 
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