Congress — a wholly owned subsidiary of Wall Street.

Well the trades aren’t backed by federal deposit insurance, the regulation just states that they have to separate units that house assets that ARE backed by federal deposit insurance (certain money markets, customer deposits) from the trading risky derivatives:

“requirements that they wall off some derivatives trades from bank units backed by federal deposit insurance.”

I don’t think the FDIC covers entire units, but commingling units with deposits that are insured by FDIC with derivatives might be what this refers to.

Unless I’m interpreting it wrong?

If you go to this website http://wp.me/p2vRlu-4 you’ll see why this is so very important to the banks. They are part of the “Cabal” that’s been manipulating the commodity markets since 05. Every time we bought a gallon of gas or went to the grocery store since that time, we have been paying a “commodity market manipulation tax”. Part of that astronomical amount of money has been going to politicians, that’s why they refuse to even acknowledge what’s right in front of them. They say there’s a lot of speculation going on. Speculation is perfectly legal, commodity market manipulation is illegal.

My congressman submitted documented evidence to The Justice Department in August, of “commodity market manipulation” and they refuse to even respond. He might as well have lodged that complaint with the tree in my backyard.

That’s one aspect. It’s only an issue if you think banks will cheat and play with funds they aren’t supposed to which is easier if they are commingled (aka MFGlobal).

If you trust the banks it’s not much of the issue. If you don’t then it is.

I’m continually amazed at what is allowed to go on in the commodity markets, especially the silver market($JPM).

MF Global, that’s a familiar name, where have I heard it?

Dodd-Frank muddies the waters of what we used to understand about FDIC. Go check the FDIC information online. There is coverage of “non-interest-bearing” accounts. That could cover derivative trading accounts imo. But I might be wrong.

I think more like democracy is a wholly owned subsidiary of WS, but that’s just me.

Probably when they collapsed and were accused of taking their clients money to pay debt.

http://en.wikipedia.org/wiki/MF_Global#The_looming_crisis.2C_bankruptcy_and_collapse

This seems to be an Executive Branch issue in good part:

The OCC is prepared to “consider favorably” requests for transition, the regulator said in the six-page notice. The agency said delays could be extended for a third year based on consultations with other regulators.

Wall Street gets its way again? Bien sur.

I don’t understand the distinction you are trying to make… without a functional Congress whose members represent their constituents, we don’t have a democracy. Not at the federal level at least, local institutions are still democratic in my area. So I don’t think we disagree here.

Only because Congress has willingly ceded its considerable power to the King.

Nothing has made me angrier at this administration, Obama in particular, than the fact that there have been no consequences for Wall St’s behavior since they wrecked the economy, and sent this country, and a good portion of the world, into a depression. The collusion on the part of Congress and our various banking and money agencies furthers validates the depth of corruption in all parts of government today. They stink to high heaven.

If only I could draw, the perfect editorial cartoon would be an image of Wall St. bankers, and government employees all emanating fumes as they walk about inside the beltway. The stench must make working with these folks untenable.

So there is a commodity market manipulation tax, but we can’t get a transaction tax to help repay the country for the dammage caused by Wall St. Absolutely astounding. What odious people we have in DC and running our corporations today. Nothing, absolutely nothing will change until the working people rise up in total rebellion, start their own banks, and refuse to deal with the government as it is currently running. Insread of a Boston Tea Party revolt, we will have to resort to a tax revolt. Some old wise farmer used to say something along the lines that you couldn’t get a horse to do anything until you got its attention, using a 2X4. Me thinks our government needs the 2X4 treatment now.

The banks may win these sorts of battles, but they’re losing the war where Wall Street is concerned:

Some four years after the crisis, big banks’ shares remain depressed. Even after a run-up in the price of bank stocks this fall, many remain below “book value,” which means that the banks are worth less than the stated value of the assets on their books. This indicates that investors don’t believe the stated value, or don’t believe the banks will be profitable in the future—or both. Several financial executives told us that they see the large banks as “complete black boxes,” and have no interest in investing in their stocks. A chief executive of one of the nation’s largest financial institutions told us that he regularly hears from investors that the banks are “uninvestable,” a Wall Street neologism for “untouchable.”

That’s an increasingly widespread view among the most sophisticated leaders in investing circles. Paul Singer, who runs the influential investment fund Elliott Associates, wrote to his partners this summer, “There is no major financial institution today whose financial statements provide a meaningful clue” about its risks. Arthur Levitt, the former chairman of the SEC, lamented to us in November that none of the post-2008 remedies has “significantly diminished the likelihood of financial crises.” In a recent conversation, a prominent former regulator expressed concerns about the hidden risks that banks might still be carrying, comparing the big banks to Enron.

Dodd-Frank bill is a dishonest, pathetic hoax being perpetrated under the supervision of Obama Administration. They are doing everything to let the banks get away with whatever wrong they may do.

It should rightly be called “Frankly DODGE FRIENDLY BILL.”

I hope more folks continue the trend of moving what money they have left into local credit unions! Many of them now have free ATM access all over the place. For example, nearly all of the ATMs in NYC McDonald’s are owned by Actor’s Equity Credit Union, and offer free access to customers of many other credit unions and small local banks.

It’s only an issue if you think banks will cheat and play with funds they aren’t supposed to

Whew…….what are the odds THAT would happen again?????

Nothing has made me angrier at this administration, Obama in particular, than the fact that there have been no consequences for Wall St’s behavior since they wrecked the economy, and sent this country, and a good portion of the world, into a depression.

That is the way I feel too!!!!! Especially since Obama said he WOULD do something when he was a candidate. He saida he would hire 56 new US attorneys to make sure the banksters were prosecuted.

We all know how THAT has gone.

Congress, our legislaturds, one party can’t govern and the other party won’t.

Excellent post. Thanks!

A third party is no longer an option, it has become a necessity. If we begin now to formulate a third party it can succeed.

There are so many people suffering now, those people can come to identify with us when we have an identity they can trust and believe in. Many of those people believed in MLK, those who’ve read about FDR understand his kind of policies like the WPA would make a big difference in unemployment.

A party that resurrected the spirit of those two men, could gain people power, and that’s the ultimate power.

I no longer even believe Obama is the president. He seems to be taking orders from someone who was in the Bush Administration.