Banks say that for them, the most worrisome part of the Senate's regulatory overhaul, known as the Lincoln amendment, is like an unwanted house guest who has somehow managed to stay far too long.
In 1989, there were $2.5 trillion of swaps outstanding, according to the International Swaps and Derivatives Association. Today there are $464 trillion. Why?
Banks are making more money arranging customized equity derivatives for clients in Europe than from managing initial public offerings, one reason they're resisting reforms that may curb that profit.
As I - and many others - have repeatedly pointed out, the economy will not stabilize until the too big to fails are broken up.
Top White House officials last week pressed the chief executive officers of Goldman Sachs Group Inc., Bank of America Corp. and JPMorgan Chase & Co. to stop lobbying against a financial-regulatory bill advancing in Congress, according to people who attended the meeting.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and other banks in the $605 trillion over-the-counter derivatives market should make swap prices more transparent, according to the Federal Reserve Bank of New York.
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