Wall Street has been running a campaign and strategy against the Volcker Rule since it was written. It is the tail waging the dog. Somewhere Wall Street got the idea they don't have to answer to anyone. They have the idea the world is their oyster. I don't think so.
Goldman Sachs has decided to stop hiding among the little people and just list with the DOW
There is nothing like being among the elite and out of reach of average investors. Above it all. They don't need rules, they know what is best, they even pick and choose who is the best. They don't need rules, they just need money and competition to drive the money into sequestered holdings to protect from the little people. They have to watch out for those peasants after all, they might actually think and not follow in million-billionaire obedience. It is best for the peasants to have guns to make them feel powerful.
The Huffington Post
By Maxwell Strachan Posted: 09/11/2013 11:28 am EDT Updated: 09/11/2013 4:21 pm EDT
...The rule, named after former Federal Reserve chairman Paul Volcker, (click here) in theory restricts the types of speculative bets banks can make for their own benefit and with their money, as opposed to their customers' money. Technical term alert: This is called “proprietary trading."
But as the Wall Street Journal reported Tuesday, Wall Street pressure and intense political infighting among regulators have delayed the rule's completion. One meeting between regulators and bank representatives involved a (presumably excruciating) “two-hour discussion of a single phrase relating to ‘market making,’” according to the WSJ. The final version of the Volcker Rule could be more than 900 pages by the time it's done.
To Smith, the idea often pushed by Wall Street types, that the rule would hurt liquidity -- or the ease with which assets can be bought and sold on the market --- is a “false argument to stifle the Volcker rule,” according to a five-point agenda provided before the meeting and documented in the memo.
Goldman Sachs has decided to stop hiding among the little people and just list with the DOW
By ,
The closely watched Dow Jones industrial average (click here) got a tuneup Tuesday, with Bank of America, Hewlett-Packard and aluminum producer Alcoa dropping from the benchmark group. The companies will be replaced by the financial firm Goldman Sachs, athletic apparel maker Nike and payment processor Visa.
S&P Dow Jones Indices, which decides what companies are in the 30-firm index, said Bank of America, HP and Alcoa were let go in part because their stock prices were too low....There is nothing like being among the elite and out of reach of average investors. Above it all. They don't need rules, they know what is best, they even pick and choose who is the best. They don't need rules, they just need money and competition to drive the money into sequestered holdings to protect from the little people. They have to watch out for those peasants after all, they might actually think and not follow in million-billionaire obedience. It is best for the peasants to have guns to make them feel powerful.
The Huffington Post
By Maxwell Strachan Posted: 09/11/2013 11:28 am EDT Updated: 09/11/2013 4:21 pm EDT
...The rule, named after former Federal Reserve chairman Paul Volcker, (click here) in theory restricts the types of speculative bets banks can make for their own benefit and with their money, as opposed to their customers' money. Technical term alert: This is called “proprietary trading."
But as the Wall Street Journal reported Tuesday, Wall Street pressure and intense political infighting among regulators have delayed the rule's completion. One meeting between regulators and bank representatives involved a (presumably excruciating) “two-hour discussion of a single phrase relating to ‘market making,’” according to the WSJ. The final version of the Volcker Rule could be more than 900 pages by the time it's done.
To Smith, the idea often pushed by Wall Street types, that the rule would hurt liquidity -- or the ease with which assets can be bought and sold on the market --- is a “false argument to stifle the Volcker rule,” according to a five-point agenda provided before the meeting and documented in the memo.
Elizabeth Warren introduced a new Glass-Steagall bill to stop Wall Street banks from gambling with the life savings of regular families.
Elizabeth Warren joined the PCCC to push for this during her campaign -- and she's delivering! Watch her on MSNBC and sign the petition, which we'll deliver to Congress.
