"He wants to reconsider.... would try to amend the legislation when it reaches the House floor"
Related: Slow Saturday Special: Banker's Bag of Goodies
C'mon, Barn, you are a smart guy; you should have thought of that BEFORE!
"Frank reconsiders legislation after worry raised on loopholes; Effort to prevent another financial collapse revisited" by Michael Kranish, Globe Staff | November 5, 2009
WASHINGTON - House Financial Services Committee chairman Barney Frank, under fire from some fellow Democrats and consumer groups for carving out what they call loopholes in legislation designed to prevent another economic meltdown, said in a letter released last night that “there may be a problem here’’ and that he wants to reconsider.
Related: Bankers' Best Friend
The Globe reported on Saturday that an array of Democrats, consumer groups, and the chairman of the Commodities Futures Trading Commission were concerned that legislation pushed through the committee by Frank was not strict enough on the trading of derivatives....
On Tuesday, Frank met with representatives of one of the consumer groups that had complained it was not allowed to present its concerns. After the meeting, Frank sent a letter to Gensler and Mary Schapiro, the chair of the Securities and Exchange Commission, telling them he heard concerns about the bill and wanted “to further clarify the exception’’ allowing certain types of derivatives trading. The letter was released last night.
Which means HE SENT a SHIT BILL OUT and OVER!
The derivatives measure has already passed through Frank’s committee. Frank said in his letter that he would try to amend the legislation when it reaches the House floor.
Are you effin' kidding me?
The trading of derivatives is one of the most controversial elements of financial reform. Derivatives are financial instruments whose value is based on underlying assets, such as real estate. They are used to bet or hedge on how those assets will change in value. The collapse of one type of derivative, an insurance product for subprime mortgages called credit-default swaps, played a major role in last year’s financial crisis.
And they are being used to LOOT STATE GOVERNMENTS!
Frank has long said that he wanted to crack down on financial institutions that engage in derivatives trading, but he was concerned that he didn’t want to hurt “end users’’ such as corporations that use the financial product to hedge against day-to-day business risks, such as currency fluctuations....
You SEE WHO has their hand up his ass, right?
********************
But critics of the legislation said they were concerned that the exemptions were so large that they could lead to risky trading that could put the economy at risk. Concerns were also raised that financial institutions could take advantage of the loopholes to avoid scrutiny.
This is the REGULATORY OVERSIGHT we have been WAITING a YEAR for?
Lead balloon!
Consumer groups had expressed anger that they were not given the same chance to testify about their concerns about the derivatives legislation as industry groups. While several industry representatives testified before Frank’s committee about the matter, a single consumer representative was given less than a day to prepare testimony and then was allowed to speak for only a few minutes.
That's Barney flipping you the finger, American public.
Frank, who could not be reached for comment last night, said in an interview last week....
PFFFT! They seem to get enough quotes out of him!
See: Sunday Globe Censorship: Barney Frank Tells Gays to Go F*** Themselves
Well, I guess it all depends.
--more--"
Did Barney piss someone off?
WASHINGTON - Democrats said the bill was a warning shot to lenders to stop price gouging.
Took them long enough!
“This is both real and a lesson to them,’’ said US Representative Barney Frank, Democrat of Massachusetts, chairman of the House Financial Services Committee....
(Yawn. Did you hear something?)
