Finish line in sight for major financial overhaul

[Peacetrain]

http://news.yahoo.com/s/ap/us_financial_overhaul


WASHINGTON – Big changes are in store for the financial world from a government crackdown more than a year in the making.

Democratic leaders in the Senate are trying to secure the final votes needed to pass legislation this coming week that would impose the most sweeping rules on banks and Wall Street since the Great Depression. The financial industry and consumers already are anticipating — in some cases bracing for — the impact.

Banks might see their bottom lines suffer. Lenders will have to disclose more information. Borrowers will have to prove their ability to repay. The masters of high finance will find it harder to sidestep regulations. Government watchdogs will be under orders to look more suspiciously at risky behavior.

[Peacetrain]

1. You want a hanky with that unrec?

[johnaries]

2. K&R

[brentspeak]

3. Bloomberg News: "Volcker Rule May Give Goldman, Citigroup Until 2022 to Comply"

http://www.businessweek.com/news/2010-06-29/volcker-rule-may-give-goldman-citigroup-until-2022-to-comply.html

By Bradley Keoun

June 29 (Bloomberg) -- Goldman Sachs Group Inc. and Citigroup Inc. are among U.S. banks that may have as long as a dozen years to cut stakes in in-house hedge funds and private- equity units under a regulatory revamp agreed to last week.

Rules curbing banks’ investments in their own funds would take effect 15 months to two years after a law is passed, according to the bill. Banks would have two years to comply, with the potential for three one-year extensions after that. They could seek another five years for “illiquid” funds such as private equity or real estate, said Lawrence Kaplan, an attorney at Paul, Hastings, Janofsky & Walker LLP in Washington.

Giving banks until 2022 to fully implement the so-called Volcker rule is an accommodation for Wall Street in what President Barack Obama called the toughest financial reforms since the 1930s. The Glass-Steagall Act of 1933 forced commercial banks such as what is now JPMorgan Chase & Co. to shed their investment-banking units in less than two years.

[DCBob]

6. "could seek another five years for “illiquid” funds such as private equity or real estate"

In case you didnt know "illiquid" means difficult to sell and "could" means it might not happen.

[Hydra]

4. And the regulations are going to be enforced this time?

I won't be holding my breath.

Besides, according to everything I've read, the new regulation are nowhere near when the banks feared(let alone what is needed to prevent all of this from happening again).

If they're happy with the legislation, I suspect we won't be.

[Name removed]

7. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Hydra]

8. Here, let me help you with a little fact

Rahm was out tooting the the corp horn yesterday and he said that despite their rhetoric, they were really big business' friends by their actions.

Am I supposed to ignore official statements now, in favor of what you'd prefer to believe?

That gusher in the Gulf is a good reminder of how well they regulated previously, btw.

[Po_d Mainiac]

10. Have you read what has been dropped from the bill?

This is less than a band-aid on a massive head wound.

Before you flame get your facts straight..I have faith in mine

[arcadian]

15. LOL!

Yeah, I won't hold my brath either. Good one.

[Phx_Dem]

5. Awesome grapics, Peacetrain!

:thumbsup:

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[scheming daemons]

13. And your post reminds me of the goth kids in high school.. always complaining about their horrible..

..existence, while growing up in homes where they never wanted for food, clothing, or shelter.

[hulka38]

14. You didn't like Sean Cassidy...

Andy Gibb?

[applegrove]

11. Woohoo!

:woohoo:

[SunsetDreams]

12. K&R

"The masters of high finance will find it harder to sidestep regulations."

Awesome!