Banks Win Big Time – Another Bailout is in the Wind.
After months of hard-fought negotiations over agency dollars and policy provisions, the net result is a 1,600 page bill released last night.The deal was announced late yesterday after Democrats accepted Republican demands to undo some regulations including the banking provision that will allow the trading banks to deal in derivatives again in subsidiaries will full insurance from the government once again. The big banks can keep swaps trading in units with federal FDIC insurance. Just amazing. Grease enough palms and the country is yours. This bill has to pass by Friday. They would not have stuck this partial repeal of Dodd-Frank if they did not have the votes.
