AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Feb 12, 2012 10:44:45 GMT -5
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Post by Savoir Faire-Demogague in NJ on Feb 13, 2012 9:31:53 GMT -5
4:00 TODAY: Occupy the SEC March to the Fed and the SEC: Enforce the Volcker Rule! Details here. www.nakedcapitalism.com/2012/02/400-today-occupy-the-sec-march-to-the-fed-and-the-sec-enforce-the-volcker-rule.htmlSchedule: 4-430pm: Assemble at Liberty Plaza 5pm: March to the Fed (33 Liberty Street ) 5:30pm: March to the SEC’s NY Office (3 World Financial Center, Suite 400) February 13th marks the deadline for Public Comment on the draft version of the Volcker Rule. The Volcker Rule is a new regulation that aims to curb risky behavior at banks that have enjoyed bailouts and cheap funding from the Fed. It does so by prohibiting big banks from doing two things: 1. Proprietary Trading 2. Owning Hedge Funds or Private Equity Funds Between now and the summer, the SEC, The Fed, the FDIC and the OCC will be deciding on what the final rule will look like. The banking lobby would love for the rule to be watered down. We want to march on the Fed and the SEC to let them know that we are watching, and we are asking them not to bow to the banks, but to draft a strict, loophole-free version of the Volcker Rule. Monday, February 13th is the deadline for the public to submit comment on the draft of the Volcker Rule. To learn more about how to comment, visit www.occupythesec.org/
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AgeOfEnlightenmentSCP
Distinguished Associate
Joined: Dec 21, 2010 11:59:07 GMT -5
Posts: 31,709
Favorite Drink: Sweetwater 420
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Post by AgeOfEnlightenmentSCP on Feb 13, 2012 9:54:41 GMT -5
We don't need a "Volcker Rule", instead what we need are two things:
1. End the FDIC and other taxpayer backing of banks that engage in risky behavior. You can do it, but we're not going to help you if you do. How hard is that?
2. Full disclosure and transparency of what the banks are up to, in plain language, available in a central location online where you can log on, plug in your bank's information and get real-time, up to date info about what they're doing. Including if they've lost FDIC protection as outlined in #1.
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