On Jan 22, 2010, at 9:28 AM, Louis Proyect wrote:
Buried within this article about the attitude of the financial community toward Obama's new found "populism" is this: "The Buckingham Research Group estimated that the new rules would reduce revenue at Citigroup, Bank of America and JPMorgan Chase by less than 3 percent. Goldman Sachs, which typically derives a tenth of its revenue from such trading, said it would be able to contend with the new rules."
The administration's own press release on the proposal said that banks could continue to trade if they certified it was for customers. That's a loophole that the banks and their lawyers could drive right through.
Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
