Wall Street Profits Just Aren’t High Enough, Darn It

It’s been ten years since Wall Street destroyed the world, and apparently that’s plenty of time for them to have learned their lesson:

Federal bank regulators on Wednesday unveiled a sweeping plan to soften the Volcker Rule, opening the door for banks to resume some trading activities restricted as part of the 2010 Dodd-Frank law. The changes would give the largest banks significant freedom to engage in more complicated — and possibly riskier — activities by largely leaving it up to Wall Street firms to determine which trading is permissible under the rule and which is not.

The Federal Reserve, along with four other regulators, took steps on Wednesday to ease several parts of the Volcker Rule, which was put in place to prevent banks from making risky bets with depositors’ money. The rule, which took the agencies more than three years to write, has been criticized by Wall Street as onerous and harmful to the proper functioning of financial markets.

My guess is that banks found the Volcker Rule onerous and harmful to their profits, and that’s about it. I haven’t noticed that financial markets in general have had any serious trouble functioning lately.

Of course, I haven’t noticed that financial sector profits are in any serious trouble either. But if you’re in the financial sector, I guess no amount of profit is ever enough.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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