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February 23, 2012

Wall Street Is in the Profit-Protection Racket and the CFTC Must Reject Its Non-Stop Attempts to Kill Financial Reform

“Today’s CFTC proposal is a good first step to bring a little more transparency and competition to derivatives trading.  But, a lot more has to be done if Wall Street’s chokehold on the derivatives market is going to be broken.  The biggest banks’ off-the-books trading in dark markets must end if real financial reform is to have any hope of success,” said Dennis Kelleher, president and CEO of Better Markets.

“Wall Street will continue to fight these rules because the biggest five banks currently control almost 100 percent of the derivatives market.  That is extremely profitable for them, but very dangerous and very expensive for the rest of us.  The financial crisis made clear that Wall Street’s old way of doing business must end and protecting American taxpayers must begin,” Mr. Kelleher said.

“Regulators must also stop repeating Wall Street’s claim that the cost-benefit analysis hasn’t been done right. They are ignoring the tremendous costs the American people suffered and continue to suffer from the financial crisis. These rules help ensure such a crisis never happens again.  There is simply no comparison between the miniscule costs of this rule compared to the benefit of avoiding another multi-trillion dollar crisis. The American people have already waited too long to be protected from Wall Street.  Wall Street is in the profit protection racket and regulators must reject its baseless claims,” Mr. Kelleher said.

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