Tornado Alley (PROG)

[fuagf]

Why I Am Leaving Goldman Sachs
By GREG SMITH March 14, 2012
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73265677

in reply to that one .. Reform groups use Goldman critique to push for tougher rules .. peeks ..

"I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients," he wrote. "It’s purely about how we can make the most possible money off of them."

...key piece of Dodd-Frank is intended to prevent "proprietary trading" by banks, which are trades made purely for the profit of the firm and not at the behest
of clients. And AFR says it is "aimed at precisely the problems Mr. Smith describes at Goldman Sachs," calling on regulators to issue a strong proposal implementing it.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73290469

those 2012 .. and so the, rewash as per Glass-Steagall, emasculation of Dodd-Frank goes on ..

How Wall Street Defanged Dodd-Frank

And when Wall Street doesn’t win—when, despite everything, an agency writes a rule the industry doesn’t like—there’s always its secret weapon: Eugene
Scalia. A partner at the powerhouse DC law firm Gibson, Dunn & Crutcher and the top lawyer in the Labor Department under George W. Bush, Scalia is a
thin-faced version of his old man: he has the same dark eyes and heavy brows, the same perpetual five o’clock shadow. Is he as smart as his dad? I ask
a congressional staffer whose boss was a key architect of Dodd-Frank. “Probably smarter,” the staffer responds.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=87479899

( see also .. fuagf, and all -- more re Eugene Scalia at (linked in):
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=114980403 )

YUP, just as the emasculation of Glass–Steagall leading to rite of repeal in 1999.

Lest we Forget .. Glass–Steagall was virtually neutered by the time Clinton signed..
neutered by years of free-market fervor, pushed by you-know-who...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=86196481

Yes Clinton did admit he made a mistake .. Signing of the Gramm-Leach-Bliley Act
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110916777

==

The Republican Strategy To Repeal Dodd-Frank
Posted on January 7, 2015 by Simon Johnson .. to the end ..

The House Republican rhetoric will be “technical fixes” and “job creation”. But the reality is that they are determined to strip away all meaningful restrictions imposed on Citigroup,
JP Morgan Chase, and other megabanks – and to roll-back Dodd-Frank as far as possible, until it becomes meaningless or they are finally able to repeal it completely.
http://baselinescenario.com/2015/01/07/the-republican-strategy-to-repeal-dodd-frank/

Same old irresponsible GOP 'who gives a fuck about the little guy' strategy. Sod help us all if they don't lose significant ground in 2016.