Obama's Treasury Dept Working To Defeat Derivatives Proposal 'Of Utmost Importance' To Reforming Wall Street
A Senate proposal to force banks to shed their lucrative yet risk-laden derivatives units -- which is vehemently opposed by Wall Street -- is gaining steam, picking up the support of some regional Federal Reserve chiefs with more on the way.
Yet President Barack Obama's Treasury Department, led by Timothy Geithner, continues to oppose the measure, Senate aides say, who add that Treasury is supporting Wall Street over Main Street by opposing the measure considered of "utmost importance" to financial stability.
Link:
http://www.huffingtonpost.com/2010/06/14/obamas-treasury-dept-work_n_611205.html
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