Wall Street's pity party snit fit - Bank Reform - Obama Bank Reform Bill - by Andrew Leonard

Imagine two alternate realities. In one universe, the US bank reform bill likely to be signed into law in the United States is generally regarded by critics as not quite up to the task of delivering on its primary goal: preventing a repeat of the financial crisis that broke the global economy in 2008. In this universe, there are differences among those who believe that the bill, while manifestly imperfect, still represents an improvement on the status quo, and those who dismiss it as irredeemably irrelevant, but there is nonetheless a widespread consensus that resistance from Republicans and moderate Democrats, in combination with a cautious White House, resulted in legislation that is much milder than what would seem to have been called for under the circumstances (a devastating economic collapse precipitated by recklessly irresponsible financial institutions.)

Now let's visit another universe, one constructed from anonymous comments relayed to Politico reporters from enraged Wall Streeters. In "Wall St. Plans Payback For Reg Reform," we learn that there is a "great deal of frustration" being felt by bankers towards Democratic politicians who have the gall to come to Wall Street asking for money, after having dared to vote for bank reform. While the final Wall Street reform bill turned out to be less onerous than banks feared, there are still hard feelings in Wallstreet, especially over the rhetoric used to slam banks such as Goldman Sachs, Morgan Stanley and JPMorganChase...

"It seems pretty clear to that a lot of Wall Street's financial muscle ($$$) was put to effective use weakening the US bank reform, and the whining that is now emanating from Manhattan is beyond irritating. Fortunately most Americans do not rank "protecting the feelings of Wall Street bankers" very high on their current list of priorities."

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