Derivatives Bill’s Loophole May Exempt Most Firms, Gensler Says
OPS_admin | Oct 08, 2009 | Comments 0
(Bloomberg) — Legislation by Representative Barney Frank to tighten derivatives regulation contains an exemption that may let most financial firms escape new collateral and disclosure rules, the head of the Commodity Futures Trading Commission said.
The provision is among several loopholes in the draft legislation, officials of the CFTC and Securities and Exchange Commission said in testimony yesterday before the House Financial Services Committee headed by Frank.
The Massachusetts Democrat said he would “sharpen” his plan, intended to rein in the $592 trillion over-the-counter derivatives market. The committee has scheduled votes on it beginning Oct. 14. Frank predicted the legislation would pass the House by November and be signed into law by December.
Full Story: Derivatives Bill’s Loophole May Exempt Most Firms, Gensler Says – Bloomberg.com.
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Who will you vote for this year: Big Oil, Big Casinos, or Wall Street?
Billionaire hedge fund manager - and primary contributor to Rick Santorum's Red, White, and Blue SuperPAC - Foster Friess let the truth slip out about politics in this post-Citizens United age during an interview with Politico. Friess was among several billionaires who attended the Koch brothers secret meeting last month where over a hundred million dollars was pledged to beat President Obama.Trying to get other oligarchs on the side of Rick Santorum - Friess said, "There isn't a person at the Koch brothers events who would not get a good return on their investment by investing in [Santorum] as president, because of what they believe about the free enterprise system." The key word there: investment. These aren't campaign contributions - these are investments that millionaires and billionaires are making to keep their tax breaks, their subsidies, and their lax regulations in place.We no longer have actual people running for President - we have a few very, very rich people like Friess and the Kochs investing in stooges to do their bidding - and hoping to see major returns in their bank accounts. So who will you vote for this year? Big Oil, Big Casinos, or Wall Street?-Thom(Who will you vote for this year? Tell us here.) -
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