Dodd Denounces Pace of Banking Overhaul - NYTimes.com
"Mr. Dodd said the White House was “on the right track” with its new ideas but warned of difficulty ahead.
“The refusal of large financial firms to work constructively with Congress on this effort borders on insulting to the American people, who have lost so much in this crisis,” he said.
He added that the financial services industry had sent “an army of lobbyists whose only mission is to kill the common-sense financial reforms the public demands.”
Only two days earlier, Mr. Dodd had sounded a different note when Paul A. Volcker, the former Federal Reserve chairman, testified on the two proposals he has championed. One would ban deposit-taking banks from proprietary trading — making market bets using their own money — and from owning hedge funds or private equity funds. The other would limit industry consolidation by capping the market share of a wide range of bank liabilities, not just deposits."
I'm far from sure that Senator Dodd isn't just as responsible for the slow pace of financial reform. To paraphrase Senato Durbin of Illinois, "Frankly, banks seem to own the Senate."
Expect more delay, followed by bipartisan fingerpointing, with a generous helping of fear, uncertainty and doubt. If that doesn't work, expect outright lies.
http://www.nytimes.com/2010/02/05/business/05regulate.html?th&emc=th
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