Bankers Get $4 Trillion Gift From Barney Frank

[hippie]

http://www.bloomberg.com/apps/news?pid=20601039&sid=a48c8UpUMxKQ

 

[mgookin]

But do they know how to use that Internet thingy?

 

[Lucrum]

Bonnie Fwank, the master tea bagger.

 

[tmarket]

Quote from hippie:
http://www.bloomberg.com/apps/news?pid=20601039&sid=a48c8UpUMxKQ

Is David Riley, the author of this commentary, learning to write headlines from ET? Even by his own admission and logic that the headline is Riley's own supposition :

http://financialservices.house.gov/...RegulatoryReform/Bills_as_reported/hr4173.pdf

-- Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.

-- Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well

What Mr. Riley failed to mention is that this bill will repeal many parts of the infamous Gramm-Leach-Bliley Act.

•HR 4173 IH
SEC. 3202. REPEAL OF PROHIBITION ON REGULATION OF
SECURITY-BASED SWAPS.
(a) REPEAL OF LAW.—Section 206B of the Gramm-
Leach-Bliley Act (15 U.S.C. 78c note) is repealed.
(b) CONFORMING AMENDMENTS TO THE SECURITIES
ACT OF 1933.—
(1) Section 2A(b) of the Securities Act of 1933
(15 U.S.C. 77b–1) is amended by striking ‘‘(as de-
fined in section 206B of the Gramm-Leach-Bliley
Act)’’ each place that such term appears.
(2) Section 17 of the Securities Act of 1933 (15
U.S.C. 77q) is amended—
(A) in subsection (a)—
09 Jkt 089200 PO 00000 Frm 00586 Fmt 6652 Sfmt 6201 E:\BILLS\H4173.IH H4173