Deficit Group Formed By Barney Frank Looks Where Others Dare Not -- At Defense Budget - Dan Froomkin - Huffington Post

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spinoff? - Democrats, Pressuring G.O.P., Unite on Finance Bill - By DAVID M. HERSZENHORN - ... Officials said the Democratic plan on derivatives included many tougher provisions put forward by Senator Blanche Lincoln,... including one that is fiercely opposed by major banks because it would force them to spin off much of their derivatives business. The rules say any bank dealing in swaps, a popular and lucrative derivative, would be barred from the Federal Reserve’s emergency borrowing window and also from federal deposit insurance. ... - NY Times

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Democrats Continue Power Surge with Probable Financial Overhaul - Gary Davis - Most Comprehensive Intervention into Financial Industry Since Great Depression - ... Perhaps one difference between this and the legislation with respect to the health care is voters seem to be a little more in favor of harsh tactics regarding the banks ... - Associated Content

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Financial Reform Bill Misses the Target - ... The new bill is rather vague in its descriptions of how all of the new controls and procedures will address specific issues  ... The heart of the issue resides with compensation structures that rewarded volume of loan origination and not on the quality of the loans originated.   Money should only be lent out with underwriting standards such that a large pool of loans generates enough credit risk premium to pay for any expected future defaults. ... - Surly Trader
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Goldman's Erik Nielsen On Why US Taxpayers Will Soon Burn Tens Of Billions To Delay The Greek Bankruptcy - Submitted by Tyler Durden - Zero Hedge

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Direction of Home Prices Depends on Government - John Lounsbufy - Seeking Alpha