Wednesday, September 23, 2009
GOOD WORK TIMMY--NOW FETCH
BANZAI7 NEWS--As a senior House Democrat announced an ambitious schedule to complete legislation overhauling the nation's financial system, the Obama administration on Wednesday abandoned a symbolically significant provision in the face of widespread political and industry opposition.
At a hearing before the House Financial Services Committee, Treasury Secretary Timothy F. Geithner announced that the administration had dropped a provision in its plan for a consumer financial protection agency that would have required banks and other financial services companies to offer so-called "plain vanilla" products, such as 30-year fixed mortgages and low-interest, low-fee credit cards.
“Crackers.” “Insulting.” “Stupid.”
Those epithets and more have been hurled at Adair Turner, the blue-blooded scold of City of London, Europe’s Wall Street.
But after the financial debacles of the past year, Mr. Turner, Britain’s chief financial regulator, refuses to back down. He insists on posing some uncomfortable questions for London financiers — and he is raising a bit of a ruckus in the process.
[Source NYT Dealbook]