If the 5 largest TBTF Wall Street banks had to make a profit honestly, we'd have 5 new Chapter 11 filings by today's 2:05 afternoon tee-time.
Senator Chuck Grassley put an clause back into the Senate’s anti-insider trader law that requires analysts who meet with Congressmen and their staffs to register their meetings.
The purpose of this clause is to bring transparency to the information peddling that represents a lucrative trade for hedge funds and banks that trade on insider information from the Congressmen themselves.
There is also large analyst trade in selling political information obtained privately to hedge funds. And rumour has it that quite a bit of that information spreads its way through the halls of the august Wall Street banks as well.
Wall Street apparently went into full court lobbying mode when they found out that Grassley had resubmitted this clause after they had successfully had it removed.
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