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Sun Apr 29, 2012, 10:18 AM

 

Occupy the SEC takes on Big Banks and the London Whale



"K Street" is the symbol of Washington lobbying, and, according to the Center for Responsive Politics Wall Street (combined with insurance and real estate) comes in third as an industry for biggest spender. One of the recent efforts has been influencing Volcker Rule regulations, which are supposed to stop federally-insured banks from proprietary trading, or making big bets for the house that can put the whole firm at risk. But members of Occupy the SEC, a group of volunteers and many who worked on Wall Street, have been coming to Washington to present a different message to regulators than the bulge bracket banks. They have concerns over loopholes that would allow banks to get around the rule. They were in Washington briefing congressional staffers on the rule. Since we spoke to members last its been clarified that banks have until 2014 to comply with the new rule and we also learned about the London Whale's massive proprietary-trade-esque bets. We catch up with members of the group to get an update.

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