Thursday, July 1, 2010

Wall Street Bull

The death of West Virginia Senator Robert Byrd has thrown the timing of financial reform legislation into doubt.

Despite his failing health, the longest serving member of the Senate had compiled a 98% attendance record during his career... Including being wheeled into the chamber in the middle of the night for crucial cloture votes to overcome Republican filibuster tactics.

Clearing the Senate has become the greatest obstacle to anything the Obama Administration even remotely supports.

Meanwhile, there's lots of high priced legal and financial types already scheming to evade the letter, and defeat the spirit, of each proposed regulation.

Audie Cornish spoke with journalist Suzanne McGee, whose new book "Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down and Why They'll Take Us to the Brink Again" explores the reasons the financial crisis happened and the role perverse compensation schemes will play in creating bubbles.

McGee, who is a contributing editor at Barron's, also has written about financial markets for The New York Post and The Financial Times. Her conversation with Cornish preceded Byrd's death.
Audio Embed: Weekend Edition Sunday 6/27/10.

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