Have the Banksters Already Have Found a Loophole?

banking imagesAs President Obama announced he would support reforms not allowing banks to own own, invest or trade "unrelated to serving customers," the banks think they may have already found a loophole. By claiming that its hedge fund investments or trading operations are "related to serving customers" - either by allowing outside clients to invest in the funds or treating their own employees as customers in the hedge funds — the banks believe that less than 1 percent of their overall business would be affected.  Time to bring back Glass Stegal - forcing banks to decide if they're going to be investment houses or banks that offer checking accounts and mortgages - and quit nibbling around the edges.  Reagonomics/Clintonomics has done so much damage to this country with things like the Graham-Leach-Bliley and Commodity Futures Modernization Acts, which enabled all this gambling by the banks by rolling back New Deal protections.  This administration should just directly return to sanity.

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