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Thu Nov 15, 2012, 12:12 AM


Wall Street eating away at Dodd-Frank

...while President Barack Obama's victory means the law will stand, the finance industry could yet trim some parts of the law because changes now are politically less risky for the administration and Democrats in Congress.

"The door is open for modifications that can produce economic growth," said Jaret Seiberg, Washington analyst with Guggenheim Securities. He predicted that small changes will move through Congress in the next couple of years.

Wall Street also has won some victories in court and may redouble its legal challenges now that a legislative rollback has been ruled out... Regulators have had their wrists slapped by the courts and now it is up to them to "get it right," said Tom Quaadman, vice president of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness.

Ken Bentsen, who heads the Washington office of the Securities Industry and Financial Markets Association, said the Wall Street trade group will continue engaging with regulators and "advocating where we think it's appropriate for legislative fixes" to the law.


Yeah, cause the bastards responsible for the biggest recession since the Great Depression know alllllll about how to "get it right".

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