But that very regulatory requirement is exactly what is needed to reform the financial system where it is most vulnerable. It is very refreshing to see an ex-Goldman Sachs guy performing a service for the public. The banks' resistance is intense because their profits could be reduced. Greed again!
Gensler Staring Down Administration and Banks on Derivative Reform
Article by George Bailey (member of Occupy the SEC) posted and commented on by Yves Smith - Naked Capitalism
. . . .
PriceWaterhouse Coopers prepared an explainer of Dodd Frank cross border derivatives rules conflicts, for anyone looking for an accessable [sic] layman’s version of the issues involved in the current state of play.
Preparedness scheduling was predicated on the assumption that Gensler would extend the relief period. It may already be too late implement the operational changes necessary to comply with the regulations. There is a lot of anxiety on Wall Street, in DC, and in Europe.
Gensler hasn’t given any indication he intends to back down. Industry, regulators and government policy makers all expected this to have the rules finalized months ago. Instead it’s turned into a multi dimensional game of chicken. His fellow commissioners are in open revolt so concensus [sic] within the CFTC appears to be unlikely. Absent an extension, everyone will be out of compliance and in uncharted legal territory come July 12. Gensler has, so far, refused to put an extension on the agenda for a vote. He controls the agenda as Chairman.
The Europeans are so incensed they took to scolding the CFTC Chairman in an op-ed by Michel Barnier, in Bloomberg. Dennis Kelleher of Better Markets did a fine job if [sic] debunking this extraordinary display of pique.
Read the whole article here