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Wells Fargo & Company Message Board

  • daytonnv89403 daytonnv89403 Aug 3, 2010 5:57 PM Flag

    Q. About Bank Bill

    Do you think Congress passed the bank bill to protect consumers, or to protect special interests?

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    • The part initiated by the president was an attempt to cure risk within the system, and to reduce future system risk.

      Specifically it was having derivatives traded within an exchange. My understanding is that the exchnage will ensure the parties have appropriate capital as well as give added visibility to counter party risk.

      Also the new regulator is meant to help the banks play on a level playing field.

      From what I can tell, everything else came about to punish banks during a political election year. The reduction of late fees that can be charged on credit cards or bank accounts can save consumers a few dollars a year while stopping a small percentage from ever getting a card.

      I am not sure how anyone can think that special interests were helped, other than perhaps check cashing services and pre-paid credit card providers.

      WFC earnings will probably be reduced anywhere from 10% to 20%.

    • Honestly, I think they passed a bill to protect "Voters", and their "Incumbancy". But, some parts or measures of the bill were good, and some are extremely detrimental to a capitalist society. But, I'll stand by my belief that re-election and controlling voters was foremost in their minds.

      • 1 Reply to da.voce
      • I don't believe that anything beyond pandering to public opinion and attempting to keep their posteriors in the seats of power was on the mind of the 'authors' of the bill and those who voted for it. If anything good comes out of the bill it will be due to random good fortune, bad lobbyists gone wrong or mistakes from the framers.

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