Banks Want Another Account to Disguise Their Risky Trades

By: Wednesday August 29, 2012 4:20 pm

Whither the Volcker rule? After a flurry of discussion about it in the wake of JPMorgan Chase’s Fail Whale trades, we’ve heard significantly less of late. In fact, regulators blew through a July deadline on finalizing the Volcker rule. The last word we had was that the deadline was pushed back to the end of the year.

More time means more opportunity for big banks to lobby over various exemptions. And that’s just what they’re doing, attempting to take a little loophole they found in the initial language and blow it wide open.

 

ECB Shows the Bazooka, Targeting Liquidity

By: Thursday December 8, 2011 7:50 am

The European Central Bank pulled out some of its arsenal today, lowering its benchmark lending rate to 1% and “relaxing” collateral standards for lending to banks. This action highlights the dichotomy between what measures elites will proffer to banks versus what they will give to the people of the affected countries on the European periphery, who had nothing to do with the lending decisions that caused the crisis, certainly not as much as the banks did.

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