Senate Passes Financial Reform Legislation — Will New Rules Change the Ways of Wall Street Bankers
 July 15, 2010 –
“Senators voted 60-39 today in favor of a rewrite of rules governing Wall Street firms,” reports Alison Vekshin at Bloomberg News.
“Some analysts saw the bill as tinkering at the edges of banking practices rather than forcing fundamental changes to the industry.”
“’There is little in this legislation that will fundamentally change the way that Wall Street does business,’ said Dean Baker, co-director of the Center for Economic and Policy Research in Washington. ‘The six largest banks will still enjoy the enormous implicit subsidy that results from the expectation that the federal government will bail them out in the event of a crisis.’” Continue reading…
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