Saturday, November 3, 2012

Dewey, Cheatham and Howe for Romney


‘But Konczal points out that there’s a more mundane financial reason Wall Street is mad at Obama: financial reform, even if it’s weaker than we might like (and it is, much), will undermine several highly profitable rackets. More transparent markets for derivatives hurt the profits of firms that were selling things nobody understood; interchange reform hurts the profits of the companies that were earning big monopoly rents on credit cards; consumer protection undermines the business of making money by duping financial customers. All this adds up to a surprisingly large amount of money — and that’s even before we get to things like increased capital requirements for systemically important institutions.’

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