In a recent diary I’d written, I’d mentioned that Gary Gensler, who had reportedly turned over a new leaf since selling out the heroic Brooksley Born, at the CFTC was holding a final series of meetings before deciding the really and truly final rules this time. It’s been two years since Dodd-Frank was signed into law by President O’Bomba. You will likely remember that his administration blocked any actual regulatory amendments at every turn; Dodd-Frank was what was left, and even then, the bill said that regulators would come up with some really good rules to ensure full transparency of
most some derivatives, and their sale would be put onto clearinghouses that would guarantee…yada, yada.
Here’s Lauren Lister speaking with Alyona about it in December, just for a refresher.
Out front, I need to say that I am a serious fan of irony. When I first read one small bit of news at Bloomberg last week, all I could do was laugh. I’d almost decided not to write it up, but after watching parts of Frontline’s ‘Money, Power and Wall Street‘ last night, I did some burning at the sheer incredulity of the failure to re-regulate Wall Street for real, as in: repeal the CFMA and Glass-Steagall (dream on, eh?)