This year, Wall Streeters have a lot to be thankful for – 2010 was pretty kind to banker folk.Fin-reg was significantly watered down; tax cuts for the wealthy (and everyone else) were extended; hedge funders are yet to be arrested in the FBI’s insider trading probe; and a ton of other developments this year can put a smile on financiers’ faces…
Yes, most Wall Streeters will have enjoyed a merry Christmas Day and have a lot to be thankful for as they say farewell to 2010.
Wall Street lobbyists engineered a massive win with the Dodd-Frank regulation significantly watering down by the time Obama signed it into law. Even some of the more restrictive measures, like Volcker Rule, don't have to be fully complied with until 2022.
To ensure that the poor, working and middle classes got a tax-cut extension, Obama grudgingly came to the negotiating table and met Republican demands to extend tax cuts for America's richest too.
The rumour-mill has been working overtime in regard to certain hedge funders that, after being subpoenaed, could be arrested in the FBI's insider trading probe. But so far, only consultants and experts have been handcuffed.
Corporate America is feeling better about Obama after his extension of tax-cuts, the free trade agreement with South Korea and meetings with CEOs and bankers. Both sides feel like they'll be able to work together mre effectively in 2011.