Apparently regulating the casino culture will squash "innovation" in their industry. When they say "innovation" what they really mean is the modern innovation of shoveling over their billions and trillions in losses over to taxpayers so they can continue to pay themselves royally. They really are a selfish bunch but they've had plenty of supporters in Congress to get here. Somehow there still remains enough support for Wall Street that there is even going to be a debate over whether or not to regulate. A ruined global economy isn't enough apparently. Calling AIG...
Geithner was to appear before the House Financial Services Committee and the House Agriculture Committee, which share jurisdiction of derivatives. It will be his first appearance in the House since President Barack Obama laid out his plan to overhaul the regulatory framework governing the financial system. Geithner testified before the Senate Banking Committee in June.
Since then, the proposal has run up against much of the financial industry, which says it would raise costs and squash innovation.
Some lawmakers and federal regulators say they are skeptical, too. They question whether Obama wants to give too much power to the Federal Reserve.
Under the plan, which requires Congress' blessing, the Fed would be put in charge of keeping large, influential institutions in check. A new consumer protection agency also would be created.
Additionally, Obama wants to regulate for the first time derivatives that are being privately traded "over the counter," or away from an exchange.
Derivatives are financial instruments whose value are derived from something else, such as a mortgage-backed security or a commodity like oil.
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