Salient to Investors:
William D. Cohan writes:
The CFTC voted May 16 for a watered-down compromise over requiring opaque and hard-to-value swaps and derivatives to be traded on an exchange, allowing dealers – essentially the big Wall Street banks – to continue to set the prices for these financial instruments using their black boxes. With just one additional bid required, the big boys should have no trouble gaming the system, as they have for years.
Another example of how Wall Street uses its “death by a thousand cuts” strategy to get what it wants and to essentially neuter hoped-for regulation. Wall Street has won for itself yet another victory in its seemingly never-ending campaign to whittle away Dodd-Frank to irrelevance while no one else is looking.
Read the full article at http://www.bloomberg.com/news/2013-05-21/swaps-vote-is-another-big-win-for-the-big-banks.html
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