Curious Capitalist

Money Talking: Could Dodd-Frank Fix the Financial Sector?

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On this week’s edition of WNYC’s Money Talking, Rana Foroohar of Time and Joe Nocera of the New York Times weigh in on whether the Dodd-Frank financial reform law would have prevented the financial snafus that have plagued the banking sector recently.

July 21 marks the two-year anniversary of Dodd-Frank, but the vast majority of the rules have yet to be finalized.

Those two years have seen no shortage of big bank scandals, many of them recent. Barclays admitted to manipulating the LIBOR interest rate. JPMorgan suffered a multi-billion trading lossCommodities brokerage firm MF Global collapsed. Then this week, another brokerage firm, PFGBest, filed for bankruptcy, and $215 million in customer money appears to be missing.

Foroohar and Nocera discuss how effective Dodd-Frank will be once all the rules are written.

2 comments
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Randall Tharpe
Randall Tharpe

Miss Foobar sez: Talking about debt makes her sooooo sad! Let's spend more money so she will feel all better.

Davel6969
Davel6969

There are so many loopholes in Dodd frank, just in the risk side of this law it would take a decade to close and wall street paid for every one of them; just ask Obama and his staff, how much campaign contributions they got from American financials (the big five who sit next to him in most every meeting other than where the next drones going to strike