Monday, May 14, 2012
and Romney wants to roll back Wall Street reform?
Romney deserves a raspberry for a policy he promotes.. to roll back Obama supported Dodd-Frank Wall Street reform legislation …freeing big banks from more regulations so they could resume the same practices that led to the crash of 2008. This month a revered Wall Street firm, JP Morgan, lost two billion dollars of proprietary trades gone bad. Luckily JPM is strong enough to survive, but the same could not be said for other banks. . Had Wall Street Reform with its Volcker rule been implemented, it would not have happened because the rule would keep banks too big to fail from investing their own proprietary funds in certain risky instruments as an insurance policy, betting against their own customer’s investment interests. The financial sector lobbyists have successfully delayed implementation of Wall Street Reform that includes the Volcker rule. The result: JPMorgan was a victim of their own practices that the Volcker rule could have prohibited if worded correctly
Romney’s banking expertise does not automatically translate to good judgment, or good public policy, or even good banking practices.....