WASHINGTON – The most sweeping overhaul of U.S. banking rules since the Great Depression stumbled in the Senate on Monday as Republicans united to prevent action on the bill.
The vote gives Republicans leverage to extract more concessions from Democrats on a measure that could ban banks from several lucrative types of trading and subject them to greater oversight.
Needing 60 votes in the 100-seat Senate to begin debate on the bill, Democrats fell three votes short.
The setback is not likely to be permanent. Lawmakers in both parties said they are close to agreement and the Senate could take up the bill later this week.
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That is one gargantuan quandry as the article states whether to ban an “unpolicied $450 TRILLION derivatives market.”
Reports on pointing to the inappriateness of a civil suit against Goldman Sachs as opposed to a criminal suit. Now Goldman Sachs is hurriedly devising a PR response to the fraud charges which includes its merits for rehiring.
Again, Bill Moyers, The Journal at PBS.org has the William Back interview, an economics professor, whose considered an expert on the q uestionable financial vehicles that precipated the global meltdown.
It’s a blockbuster for the newswatch video.