We can just about shelve any hopes of banking reform from Congress. Barney Frank, Chairman of the House Financial Services Committee said: "I don't think you're going to see that happen" (referring to mandates for financial companies to process their swaps through a clearinghouse).
Frank went on to say that there would be a presumption that standardized contracts would be sent to a clearinghouse but that it would not be an iron clad rule. With the bankers ignoring established rules and doing pretty much what they want, forget about that idea.
In a word: yes.
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
