The vaunted financial "regulatory" process in action
Here:
^One K Streeter sent HuffPost five pages worth of "carve-outs." If you're designated as a Farm Credit System, say, you're exempt from systemic risk regulation, don't have to keep skin in the game when selling securitized bundles of loans and won't be overseen by Dodd's proposed Consumer Financial Protection Bureau.^
^"Obtaining a carve-out isn't rocket science," said a Republican financial services lobbyist. "Just give Chairman Dodd (D-Conn.) and Chuck Schumer (D-N.Y.) a shitload of money."^
A bit more on the new Consumer Financial Protection Bureau here, and here.