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April 19, 2012

Rule Retreat/Sell Out/Cave on Financial Reform

As detailed yesterday here and here, the SEC/CFTC passed a rule that caved to the industry on several critical provisions.  The New York Times had an article that spelled out those provisions, the ramifications of them, and the industry’s role in getting the loopholes put in. 

In confirmation of how bad the rule and the thinking behind the rule are, one only has to read one quote today:  “I think the industry can breathe a little easier today.”  That’s what CFTC Republican Commissioner Scott O’Malia said according to a Financial Times article today. 

Of course, the goal of financial reform and rulemaking is not for the industry that caused the financial crisis, the economic collapse and trillions of dollars in costs, many of which continue to this day, “to breath easier.”  It is to protect the American taxpayers and treasury from that industry from ever doing that to the American people again. 

If the industry is breathing easier, everyone else should be holding their breath because it’s only a matter of time before that industry sticks its undeserving hands into the taxpayers pockets – again. 



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