What a surprise. A non-bank coalition is trying to gut derivatives reform. Hold onto your iPhone, that's right, Apple is among them. Seems they don't want to put up real money to cover their bets. There is some speculation that this end users coalition has actually been orchestrated by the dealers, the mega banks themselves.

Here is what the Huffington Post says is the meat of the lobbying gut efforts. Unfortunately the actual letter is not available.

• Deleting provisions in the current Senate bill, authored by Banking Committee Chairman Christopher Dodd (D-Conn.) and Agriculture Committee Chairman Blanche Lincoln (D-Ark.), that call for swaps dealers, like JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, Morgan Stanley and Wells Fargo, to hold higher amounts of capital to support their derivatives bets;
• Deleting a term defining major derivatives users, which calls for higher capital requirements and mandates that they clear their derivatives deals through transparent venues that require parties to post margin. By deleting this provision, the coalition wants to exempt an entire class of derivatives users from having to post cash upfront to support their bets.