Even more bad news on Financial Reform. The main players in the negotiations between the House and Senate versions are Chris Dodd, Barney Frank and Timothy Geithner.
As a result, people who know them say, they are likely to show willingness to negotiate on parts of the bill they don't view as core, while being intractable on pieces they view as elemental.
That could mean easing provisions with strict limits on derivatives trading, proposed restrictions on fees banks charge retailers and even agreeing to allow auto dealers to be exempt from new lending rules.
Nice huh? Negotiations are supposed to be between the two houses of Congress only. The entire list of conferees is front loaded with corporate representatives. Not a single Congressional representative who was pushing for real reforms, such as the Volcker rule, Glass-Steagall, stronger derivatives reform was chosen as a conferee.
Barney Frank wants criminal prosecutions for financial wrong doing related to the Financial crisis.
My question is: will they start with Congress?
U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.
Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington.
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