Wall Street Ethics, Derivatives Rules Loopholes, The Weirdness of PFGBest and More

Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
July 13, 2012


5. Let's Get Real

One man's loophole is another man’s livelihood.

—Bart Chilton, a Democratic commissioner, concerned that regulators were creating loopholes wide enough for Wall Street to exploit with the new derivatives rules, which include a crucial exemption whereby many non-financial companies and small banks are excused from certain provisions of Dodd-Frank.

Source: New York Times

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