Posted: 15 Dec 2014 12:00 AM PST
Conventional
wisdom among banking experts is that Wall Street's successful fight
last week to get a pet provision into the must-pass budget bill (or in
political junkies' shorthand, Cromnibus) as more a demonstration of
power and a test for gutting Dodd Frank than a fight that mattered to
them. But the provision they got in, which was to undo a portion of Dodd
Frank that barred them from having taxpayer-backstopped deposits fund
derivative positions, may prove to be more important than it seemed as
the collateral damage from the 40% fall in oil prices hits investors and
intermediaries.http://www.nakedcapitalism.com/2014/12/did-wall-street-need-to-win-the-derivatives-budget-fight-to-hedge-against-oil-plunge.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29
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