Congress defends the big banks

Source: New York Times (Free Registration)

In the first week of talks over a financial regulatory reform bill, Democratic lawmakers — in some cases with apparent White House backing — have been defeating or delaying reforms to protect individual investors. Instead, they are catering to corporate interests that prefer the status quo — and write big campaign checks. At its most basic, this bill is supposed to restore stability and fairness to the markets and give Americans some confidence that their efforts to save and invest will not be undone — over and over again — by the destructive excesses of banks and corporations.

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