Obama Bank Rules Predicted to Be Ineffective
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The Associated Press reports that President Obama's latest effort to reel in big banks may have more bark than bite. Obama has proposed a tax on banks to get back billions in bailout money that was handed out at the height of the financial crisis in 2008.
But analysts say that Obama's plan to limit banks' size and risky trading would have only a marginal effect on institutions like JPMorgan Chase, Bank of America and Citigroup — and would be hard to enforce. And it's not clear the rules would reduce taxpayers' risk of having to bail out another big bank.
But analysts say that Obama's plan to limit banks' size and risky trading would have only a marginal effect on institutions like JPMorgan Chase, Bank of America and Citigroup — and would be hard to enforce. And it's not clear the rules would reduce taxpayers' risk of having to bail out another big bank.
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