Wall Street "breathing a sigh of relief" with Obama's "reform" effort

[brentspeak]

http://www.nytimes.com/2010/05/24/business/24reform.html?src=twt&twt=nytimes

As Reform Takes Shape, Some Relief on Wall St.

The financial reform legislation making its way through Congress has Wall Street executives privately relieved that the bill does not do more to fundamentally change how the industry does business.

Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact. Industry officials are also hopeful that several of the most punitive provisions can be softened before it is signed into law

snip

“If you talk to anyone privately, there’s a sigh of relief,” said one veteran investment banker who insisted on anonymity because of the delicacy of the issue. “It’ll crimp the profit pool initially by 15 or 20 percent and increase oversight and compliance costs, but there’s no breakup of any institution or onerous new taxes.”

The reaction of the market to the legislation echoed that view. Stocks of financial institutions performed well on Friday, with shares of JPMorgan Chase and Morgan Stanley each up 5 percent.

[donco6]

1. Odd. That other article talks about "seething hatred."

Which one is it?

[proudohioan]

3. Yeah, that's what I thought.

:shrug:

[zipplewrath]

4. One about him, the other about the bill

What this article is saying is that they don't have a seething hatred for the bill. The seething hatred one said that executives didn't like him because what he had done to their PERSONAL incomes.

[proudohioan]

5. Thank you for clarifying....

and I wish Wall St. would quit their whining and just pay up like the rest of us do.

[Teaser]

2. He is truly more evil than Suharto ever was.

.