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View Diary: Bill Clinton: I Shouldn't Have Listened to Summers and Rubin [Substantive Update] (341 comments)

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  •  Lets hope Goldman Sachs' fraud prosecution (9+ / 0-)

    is a sign of a new stricter standard being enforced.

    Goldman Sachs prosecution threatens to open the floodgates on Wall Street

    The US government's $1bn (£650,000) fraud prosecution of Goldman Sachs has spurred calls for a wholesale crackdown on the opaque world of derivatives trading, with pressure mounting on the White House to deliver reforms forcing greater transparency in highly complex financial products.

    President Barack Obama is engaged in a battle with Senate Republicans over an overhaul of financial regulation and has vowed to veto any bill that does not contain strong enough controls on derivatives.

    The US government will face demands this week to use its 27% stake in Citigroup as a lever to extract more public information about trading. Citigroup's annual meeting will be held on Tuesday, and a shareholder group has urged the US treasury to vote its shares in favour of a resolution requiring greater disclosure from the bank on its collateral policy and speculative activities.

    "These old Wall Street boys are putting up an awful fight to keep the government from putting a cop on their corner." - Will Rogers

    by Lefty Coaster on Sun Apr 18, 2010 at 01:05:02 PM PDT

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