Wall Street Opposes Wall Street Reform

[kpete]

Source: Huffington Post

Wall Street Opposes Wall Street Reform

First Posted: 06-28-10 12:42 PM | Updated: 06-28-10 12:42 PM

The banks cited two specific elements of reform that were the most objectionable. First among them was swipe fee reform, legislation that reduces what banks and credit card companies can charge retailers for the use of credit card machines. “This amendment, which had nothing to do with financial regulatory restructuring, has been falsely presented as benefitting consumers. In reality, the beneficiaries of this provision are the retailers, who extract great benefits from debit cards, such as reduced personnel and fraud costs, but will no longer have to pay to support these benefits,” the bankers write.

Secondly, the banks were offended at the creation of a Consumer Financial Protection Bureau, arguing that it would lead to increased litigation and decreased credit availability.


Read more: http://www.huffingtonpost.com/2010/06/28/wall-street-opposes-wall_n_627870.html

[sakabatou]

1. Let me take out the world's smallest violin

:nopity:

[Pirate Smile]

2. SHOCKING!!!

:)

[mvd]

3. whine whine whine

Deal with it, Wall St.

[Soylent Brice]

4. what a stupid fucking headline. of course they fucking do.

jesus christ.

[FarLeftFist]

5. Looks like we've got a winner here.

[Commie Pinko Dirtbag]

6. In other news, 5yo children oppose being mandated to eat broccoli. -nt

[mbperrin]

7. In other news, Ted Bundy opposes the death penalty.

In other other news, crack dealers oppose drug laws.





And finally, in other other other news, Blackwater opposes trials for killers.





Good night, and good luck.

[Turbineguy]

8. Proving its need.

[OhioChick]

9. I would've never guessed n/t

[bergie321]

10. So

There are only 2 parts left that banks have a problem with? I am sure the Democorps will remove those for them.

[Lydia Leftcoast]

11. And in other news, serial killers oppose laws against murder

This is a "well, duh!" headline.

[conspirator]

12. Of course. They have been robbing everything that is not nailed to the floor and getting away

with it, and getting bailouts on top. Why would they want to change.

[closeupready]

14. When the status quo has made them filthy rich no matter whether they deserve it or not,

of course they oppose reform of that broken system. In much the same way that insurance companies opposed health care reform.

[benld74]

13. My wife attempted to get a lower interest rate from CHASE,,,,

They said sure, they have a new program where consumers can PAY for a lower interst rate. To go from say 8% to 7% you pay them XXX amount of dollars. My wife asked, when the card is payed off, THAT money get returned to us correct?
One guy she talked to said yes
Another guy she talked to said no
A woman she talekd to said no

So You PAY to get your interest rate lowered BUT you are still PAING the difference between what tthey could have charged you at the higher rate UP FRONT to them!!!!

BASTARDS
HOW HOW can they sleep at night?

[closeupready]

15. "HOW HOW can they sleep at night?" Four-course meals, satin sheets and fine port.

Though, I'm sure it still ain't easy. :sarcasm:

[Iowa]

17. They are able to sleep at night because people continue to patronize banks...

No matter what banks do, no matter how badly they rip people off, no matter how badly banks screw over the tax-payer and help to elect corrupt right-wing politicians... despite all of this people STILL continue to support banks with their patronage. That's why bankers are able to sleep at night.

[lark]

23. Why people keep going to banks is a mystery to me

20 years ago I switched to a credit union and have never looked back. These are what banks would be if they gave a damn about anything besides stealing our money.

[4dsc]

16. What reform..

There's nothing but smoking mirrors here folks..

[SILVER__FOX52]

18. Are you kidding me.

Who the fuck cares what they think.

[AlbertCat]

19. Great headline! Banal to the max!

[Mickeyc1004]

20. Glad you posted this.

I'm glad you posted this.

Many on another DU thread are insisting that Wall street has no issue with the reform and that the reform is ineffective which is not the truth.

The Wall street reform has some very good elements and is a good thing indeed.

[Odin2005]

21. I'm shocked, SHOCKED I tell ya!

[lark]

22. It's just a front

Of course, they have to complain, their paid congresscritters didn't limit 100% of the efffectiveness of this bill. Bank stocks went up considerably when the bill went thru the conference committee, that tells you what they really think.

[GlennWRECK]

24. Surprising bit of news

Yeah...
/facepalm