The War is Over: Washington Beat Wall Street

Ben White argues that Washington’s “war” with Wall Street is largely over. “And Washington won in a blowout.”

“Washington’s big victory came via widespread public outrage at the financial industry, which paved the way for a strong reform bill.”

“And after President Barack Obama signed Dodd-Frank into law in 2010, the industry made mistake after mistake — from the interest rate rigging scandal to mortgage-foreclosure “robo-signing” — making it essentially impossible for the industry’s lobbyists to beat back any of the newly imposed regulations.”

Dennis Kelleher, chief executive of Better Markets: “There is no question that many of the highest-risk activities, which happened to be the most profitable activities for Wall Street, are now at least reduced and often totally gone … They’ve had to exit hedge funds and private equity funds and they sold off any business with ‘proprietary trading’ on the door.”

FavoriteLoadingSave to Favorites
  • MrBeale

    Don’t tell FireDogLake!

    • MVH1

      FireDog must have seen this first, then, there is the only one don so far. I don’t see how Wall Street is beaten as nobody has gone to jail yet and an awful lot of people who know how it works say there’s still a lot of no good tucked all around in their practices.

  • Gregory Williams

    This story is conservative BS and since it comes from POLITICO we know it is conservative obfuscation and distortion garbage designed to offer cover to oligarchs – the WAR is not over and will not be until the rich and corporations are paying their taxes at the statutory rate and the tax code is cleaned out of those conservative tax scams that added 6000 plus pages of tax breaks for the rich and corporations.

Read previous post:
U.S. Energy Production Will Outpace Consumption by 2035

Fuel Fix reports on a new BP study forecasting that  "U.S. energy production will far outpace its consumption by 2035...