Banks trying mightily to kill restrictions on derivatives
(NEWSER) - Democrats defied Wall Street lobbyists’ push to kill new reforms on derivative trading yesterday, and got an earful from Republicans for their troubles. Goldman Sachs, JPMorgan, and Morgan Stanley have been leaning heavily on Blanche Lincoln’s Agriculture Committee to scrap a plan to force derivatives—which, incidentally, played a major role in the financial crisis—to be traded on an open exchange, rather than via backroom deals, the Wall Street Journal reports. When Lincoln refused to play nice, Republicans rioted. More»
