“One of the key ways Wall Street is trying to kill financial reform is to subject all of the new rules to what it calls “cost-benefit analyses.” This seductively sounding concept is, however, a sham; the industry only wants its costs considered and nothing else. When they say “cost benefit analysis,” they mean a one-sided, biased “industry cost only” analysis. The cost to the country of Wall Street’s reckless trading and investments and the benefit to the country of avoiding another Wall Street caused financial collapse are never mentioned by the industry and its allies. Better Markets has been fighting Wall Street on this in the regulatory agencies as well as the courts.
This Wall Street tactic raises the question of why so much time and energy is spent on worrying about the costs of regulation to the very industry that caused the worst financial crisis since the Great Crash of 1929 and the worst economy since the Great Depression of the 1930s? It is because Wall Street and its many allies have been engaged in a comprehensive misinformation campaign that attempts to refocus the public debate away from the crisis and Wall Street’s role in creating it to the new financial reform law and the rules being put in place to prevent another crisis and protect the American people, taxpayers, investors, and the economy.”
Read Dennis Kelleher’s full blog post here