Obama, Wallstreet and whatever the "Financial District" is

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According to the Senate Democrats, they are getting closer to agreeing on a financial bill that will prevent a collapse like the one in 2008.

Part of the reason for expediting this regulatory bill is because other major bills like immigration and energy bills are going to need attention soon.

The New York Times said, "The proposed derivatives rules are an important part of the effort to strengthen regulation of the nation's financial system, and seem certain to infuriate some of Wall Street's biggest players."

One of the key problems in Wallstreet was the lack of regulations on large financial institutions which were able to go under the radar of the government.

Commenting on the Obama's speech of financial reform, The New Yorker wrote, "He focussed, appropriately, on the need to limit excessive risk-taking by systemically important and government-supported financial institutions, and the importance of changing the incentives that place a premium on short-term profits rather than long-term gain."

All this came as a timely reminder as Goldman Sachs was accused of fraud last week.

The New Yorker went on to explain the dangers of financial reform because the banks and bank employees are tied together though the CEOs and high level executives take home the lion's share.

1 Comment

Mr. Obama and his team have to pay special attention to the different bodies related to finance. They need to watch closely the functions of various departments to strengthen the economy by imposing the new regulations.

Paperless Direct Debits

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This page contains a single entry by sant0173 published on April 25, 2010 9:16 PM.

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