Talking about All Of This New Regulation Is Going To Make Banks Leave The U.S. And Europe

 

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All Of This New Regulation Is Going To Make Banks Leave The U.S. And Europe

Over the course of the past two years, a lot of tomatoes have been thrown in the direction of Wall Street. Some of it was deserved. Much of it wasn’t.  It was uninformed populist anger.  It’s really easy to blame a bunch of egotistical rich guys in Brioni suits for problems that were caused elsewhere.   This anger has given rise to dual hyper regulation of both sides of the Atlantic.  In Europe, regulators have come down hard on the investment banks.  Many politicos have advocated a trading tax.  The United States is not any different.  Barney Frank and Chris Dodd combined to pass one of the most damaging bills ever to the US financial system.   The Financial Regulation Law that President Obama signed last summer is yet to be filled in. The terms are so broad that they have sent a chill up the spine of bankers.  

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