If this exec branch allows the Volcker rule shredding to continue and become writ in the legislations, allowing the macro hedging instead of just the micro hedging of a particular position, as designed, they will not have a leg to stand on when they get called out for having this happen on their watch.

Clearly the banks are counting on the allowance of macro hedging. I don’t know if they have been given assurances, but JPM has gone as far as to move their proprietary trading activities into this nook department, their CIO. It sounds to me like they are pretty confident that they are going to be able to continue this while staying technically within the confines of the shredded Volcker rule.

And there is all that campaign money to be had. They’ll probably make some nuanced decision that claims to take care of situations like the Fail Whale trade, but really won’t. Or maybe they could use it as an excuse to delay the finalization of the Volcker rule regulations until after the election? That would be sweet for both the banks and Obama.

Fail Whale is a good one, but there are a few people who have been way ahead of you for about twelve hours on that one. I’ve read it in several articles since last night. Plus it’s a well known Twitter term.

Truly, Charlie Brown, I won’t pull that football out again. I’ll hold it for you this time.

If they have no intention of obstructing the judges, why the heck does the JOBS bill get to go first?

IMHO, Schneiderman spent a lot of time and effort convincing everyone that he was going to fight this settlement until it was a good deal for the people, so it is up to time to spend an equal amount of time and effort telling us exactly what it does, doesn’t do, where there is immunity and where there is none. And that includes answering questions. Same with the other AGs who made a reputation for themselves as Justice Democrats. Personally I am not seeing much justice for the people here.

Occupy Wall Street does not support that national convention in Philadelphia. I don’t know why the media decided to report about it the other day, but the group that organized that assembly is not part of OWS. They are a separate corporation.

From OWS Press Relations working group:

The 99% Declaration and its call for a “national general assembly” in Philadelphia in July is not affiliated with or endorsed by Occupy Wall Street, and the organizers’ plans blatantly contradict OWS’ stated principles.

NPR:

Occupy Wall Street tells The Associated Press that a national conference being planned in Philadelphia this summer was not approved by its General Assembly, meaning the group does not endorse it.

Astonishing to watch this.

No link to your story?

I wouldn’t ask him to link it “next time” — I would insist that he link it right now.

It looks like everybody is getting a piece of the pie and the homeowners who were hurt the most are getting the crumbs. And the pensions and 401K’s are getting screwed.

Such a great government we have — from sea to shining sea.

The pensions and 401Ks bought AAA grade investments. Who stamped those bonds with the AAA rating? The ratings agencies. They are the ones who seem to have gotten off the easiest. They are still out there rating investments, still in business. I think it can be proven that they were negligent and/or complicit. I know they were trying to defend themselves using the First Amendment but I don’t know what became of that.

Anyway, the administration had to have known that the bondholders were going to throw a fit about this. If the settlement gets tied up in court, do the banks get their immunity while it is being litigated? (and as the statues of limitation continue to run out, tick, tock, tick, tock)? What happens to the money being paid out to the states? I assume that will start rolling out soon, after the federal judge approves the settlement.

This needs to be boiled down and spread widely — simple words that explain how this is another bailout. People understand bailouts but most people have no idea what is going on with the mortgage settlement and the govt. programs. It hasn’t been propagandized too much yet (relatively) so it is still possible to help people understand it to a degree. This is such a frustration subject to write about. Dayen has done a better job than anyone out there at keeping up with it and explaining it. Still, I would love to try to boil it down even further, especially this bit about the additional bank bailout.

Maybe all the AGs are going to robosign the non-document. Hey why not? It’s essentially legal now.

What could go wrong?

Just when I thought I couldn’t be shocked, I’m shocked.

On a deal this complicated, these AGs signed on with nothing in writing? Seems like negligence to me — lack of due diligence on a complex and very important matter.

Wink-and-a-nod investigations.

Slow walk them until the statute of limitations runs out. Hasn’t this DoJ already proven they are very good at that? (Except for whistleblowers, of course)

hey, huttotex. Thanks for the kind words. Glad to see you too.

“Dear Wall Street”
http://www.dailykos.com/story/2012/02/09/1063225/-Dear-Wall-Street?via=blog_595890#c1

Astonishing.

How long before Biden’s and Schneiderman’s suit are deep sixed? After the election, I’d say.

lol

Neither the Pres or VP or their wives will attend the fundraising events, only surrogates will. Except they won’t need events. The SuperPAC is a place where the money from Wall Street, Big Oil, PhRMA, etc. will be hidden. Like they really have to go to an event to send in the millions? This is where the money Obama doesn’t want to admit he is getting will go.

The pretzel logic they are going through to justify this is hilarious. Not knowing who owns your candidate? Not so hilarious. Having him talk about how so much money is coming from small donors while the big guys send their money to the SuperPAC. Positively dishonest.

I think that in addition to escaping the enormous financial exposure, they were also hoping to escape the enormous media exposure of all the details of the document fraud. Well, and the perp walks too.