Barney Frank capitulates to the bankers on derivatives reforms

Filed under: Bad news, Management, Insiders, Market matters, Politics, Headline news

We can just about shelve any hopes of banking reform from Congress. Barney Frank, Chairman of the House Financial Services Committee said: "I don't think you're going to see that happen" (referring to mandates for financial companies to process their swaps through a clearinghouse).

Frank went on to say that there would be a presumption that standardized contracts would be sent to a clearinghouse but that it would not be an iron clad rule. With the bankers ignoring established rules and doing pretty much what they want, forget about that idea.

Continue reading Barney Frank capitulates to the bankers on derivatives reforms

Barney Frank capitulates to the bankers on derivatives reforms originally appeared on BloggingStocks on Wed, 07 Oct 2009 19:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments

Full story at http://www.pheedcontent.com/click.phdo?i=7165db5ea6dffca09f82d6125240388c