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http://lincoln.senate.gov/newsroom/2010-5-12-5.cfm
And what about mark to model/market, and off balance sheet SIVs?
It may be great to have derivatives regulated, but what if the SIVs, hedge funds and ratings agencies are not, PLUS everything may be shoved upstairs to level 3 fictional value accounting?
PLUS who'll enforce it? Bernanke and Geithner?
The regulation's then worthless.
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efforts to weaken the Lincoln-authored derivatives title in the Dodd-Lincoln Wall Street reform bill failed. The Chambliss substitute amendment was defeated, garnering only 39 votes. Republican Senators Chuck Grassley, R-Iowa, and Olympia Snowe, R-Maine, voted in support of the Lincoln language.
“My Wall Street reform proposal is landmark reform, and for the second time, this language has received strong bipartisan support in the U.S. Senate. The Dodd-Lincoln bill will bring 100 percent transparency to the nation’s financial markets, get banks back to the business of banking and keep jobs on Main Street. This is a significant step toward bringing real reform to our nation’s financial markets, providing the transparency and accountability that the American people deserve.”
And what about mark to model/market, and off balance sheet SIVs?
It may be great to have derivatives regulated, but what if the SIVs, hedge funds and ratings agencies are not, PLUS everything may be shoved upstairs to level 3 fictional value accounting?
PLUS who'll enforce it? Bernanke and Geithner?
The regulation's then worthless.
______________________
efforts to weaken the Lincoln-authored derivatives title in the Dodd-Lincoln Wall Street reform bill failed. The Chambliss substitute amendment was defeated, garnering only 39 votes. Republican Senators Chuck Grassley, R-Iowa, and Olympia Snowe, R-Maine, voted in support of the Lincoln language.
“My Wall Street reform proposal is landmark reform, and for the second time, this language has received strong bipartisan support in the U.S. Senate. The Dodd-Lincoln bill will bring 100 percent transparency to the nation’s financial markets, get banks back to the business of banking and keep jobs on Main Street. This is a significant step toward bringing real reform to our nation’s financial markets, providing the transparency and accountability that the American people deserve.”
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