Obama's Treasury Dept Working To Defeat Derivatives Proposal Of Utmost Importance To Reform Wall St.

[Bluebear]

A Senate proposal to force banks to shed their lucrative yet risk-laden derivatives units -- which is vehemently opposed by Wall Street -- is gaining steam, picking up the support of some regional Federal Reserve chiefs with more on the way.

Yet President Barack Obama's Treasury Department, led by Timothy Geithner, continues to oppose the measure, Senate aides say, who add that Treasury is supporting Wall Street over Main Street by opposing the measure considered of "utmost importance" to financial stability.

"It shows the access of the major Wall Street banks in the Treasury Department in spades," one Senate aide said on the condition of anonymity. Assistant Treasury Secretary for Financial Institutions Michael S. Barr is said to be leading Treasury's efforts.

Senate aides say that more letters of support from other regional Fed presidents are on the way.

http://www.huffingtonpost.com/2010/06/14/obamas-treasury-dept-work_n_611205.html

[Karmadillo]

1. I wish I could say I'm surprised.

nt

[scheming daemons]

2. Um.... what will the OP say when Obama signs the legislation?

Nevermind.. I know the OP has me on ignore and won't read this.

[QC]

3. Don't worry. Soon it will all come together and Wall Street will be reformed

and mere mortals will be sitting around befuddled, wondering how it all happened.

Chess, baby!