Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 5 July 2013 [View all]Demeter
(85,373 posts)21. Fed delays swaps rule for Goldman Sachs OF COURSE THEY DID
http://www.marketwatch.com/story/fed-delays-swaps-rule-for-goldman-sachs-2013-07-03
WASHINGTON (MarketWatch) - In a major concession, the Federal Reserve on Wednesday gave Goldman Sachs Group Inc. GS -0.32% two more years to comply with a requirement that it divest part of its derivatives business to a separately capitalized unit. The Fed said Goldman Sachs would have until July, 2015 to comply. Known as the Lincoln Rule, after former Arkansas Democrat Sen. Blanche Lincoln, the measure was set up to have riskier credit derivatives trades take place in a separately capitalized unit so that any trading failure there would not have access to the institution's commercial bank division, which is backed by insured deposits and taxpayers through the Federal Reserve's discount window. Other agencies last month reportedly notified Bank of America Corp. BAC -0.54% and J.P. Morgan Chase & Co. JPM -0.06% and other institutions that they would have any additional 24 months to comply with the regulations. In addition, bipartisan bills have started to advance in the House and Senate seeking to transform the provision and allow some commodity, equity and credit derivatives tied to asset-backed securities (such as packaged mortgage securities) to take place in the federally-insured bank.
WASHINGTON (MarketWatch) - In a major concession, the Federal Reserve on Wednesday gave Goldman Sachs Group Inc. GS -0.32% two more years to comply with a requirement that it divest part of its derivatives business to a separately capitalized unit. The Fed said Goldman Sachs would have until July, 2015 to comply. Known as the Lincoln Rule, after former Arkansas Democrat Sen. Blanche Lincoln, the measure was set up to have riskier credit derivatives trades take place in a separately capitalized unit so that any trading failure there would not have access to the institution's commercial bank division, which is backed by insured deposits and taxpayers through the Federal Reserve's discount window. Other agencies last month reportedly notified Bank of America Corp. BAC -0.54% and J.P. Morgan Chase & Co. JPM -0.06% and other institutions that they would have any additional 24 months to comply with the regulations. In addition, bipartisan bills have started to advance in the House and Senate seeking to transform the provision and allow some commodity, equity and credit derivatives tied to asset-backed securities (such as packaged mortgage securities) to take place in the federally-insured bank.
Edit history
Please sign in to view edit histories.
46 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
I thought Republicans were all defending the NSA and leading the charge to vilify Snowden
tclambert
Jul 2013
#14
How Unreasonable Searches of Private Documents Caused the American Revolution JUAN COLE
Demeter
Jul 2013
#3
Europe Says Trade Talks With US To Start Monday Despite Concerns Over Spy Claims
Demeter
Jul 2013
#8