Many people are already commenting on how good or bad a deal financial reform is for Wall Street. Some are saying it will crush profits in the banking sector. Others are saying Wall Street dodged a bullet and it will be business as usual. The answer is we really don’t know. That’s because a key problem with the bill, though why it worked politically, is that it leaves many of details up in the air. Regulators can wind down “Too Big To Fail” banks. But what is the definition of “Too Big To Fail” and when do they have to resolve. It will be up to others to decide. Here’s the run down of the bill from Swampland.
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Facebook, Wall Street Banks Sued Over Pre-IPO Financial Forecasts
Just days after its controversial IPO, Facebook and its Wall Street bankers have been hit by shareholder lawsuits alleging that the social networking giant and its underwriters concealed the company’s decelerating revenue growth from investors. The lawsuits come amid a growing furor about whether Facebook’s banks selectively disclosed information that gave favored clients an unfair advantage over other investors. Top U.S. regulators have begun examining the IPO, and now the U.S. Senate Banking Committee and other lawmakers want answers from Facebook about issues raised in the offering’s aftermath, according to The Hill newspaper.
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Small Dairies Go Under as Milk Prices Sink Again
PLAINFIELD, Vt. — The MacLaren brothers are third-generation dairy farmers, but they will likely be the last in their family.
After working all their lives on the hillside farm in Vermont that their grandfather bought in 1939, rising to milk cows at 3 a.m., even in blizzards and sub-zero temperatures, they decided to call it quits, auctioning off their roughly 200 cows and equipment ranging from stalls and hoof trimmers to tractors and steel pails.
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