The Senate and House negotiating committee may have spent all of Thursday night hammering out the final version of the reform bill, but its work isn't done yet. Massachusetts Senator and Republican Scott Brown said he was surprised and disappointed to learn that the bill would raise taxes, and said he wouldn't support the bill in its current form.
If Brown makes good on his word, that could complicate the voting process. If Brown votes against the bill, that could add fuel to a possible Republican filibuster, unless Democrats can convince enough Republicans not to block the bill's success. (
Reuters)
The Nitty Gritty (FINS)
What's actually in the bill? It touches on everything from consumer finance protection to spinning off derivatives to annual speed-dating events for vengeful lobbyists. (That last one isn't set in stone, though.)
The Time Has Come (NYT)
The finance reform bill has reverberations for everyone working in financial services, but there's one institution that, unlike in the 1930s, is going to be affected in countless ways:
JPMorgan.
A Day's Work (NYT)
Finance industry lobbyists haven't yet slunk back to their offices in anticipation of the next finance bill. They're still working hard on regulators; the bill's language is so vague that lobbyists will have a real chance to influence discourse.
More Failure (Bloomberg)
The
FDIC closed three more banks and sold one to Bond Street Holdings, an i-bank that gobbles up failed institutions.
Star Power (BusinessWeek)
Apparently Congress isn't immune to celebrity. Russell Simmons, the music and fashion mogul, was able to wrangle an exemption from the finance bill that would have affected his debit card business.
Race to the Top (WaPo)
A billionaire who made out big betting against the housing market is ready to parlay his success into a seat in the Senate. Will Floridians be turned off by his luxury-loving ways?
Biggest Blunders (WSJ)
For reasons we cannot fathom, job interviewees continue to show up late for interviews and take cell phone calls when there. Despite their obviousness, these types of mistakes are regularly witnessed by recruiters.
Revolving Door (NYPost)
It's normal for various managing directors and vice presidents to move around a lot, but for the man who recently stepped down at
Deutsche Bank, the matter was a little more complicated. And risqué. It turns out that having an affair with a colleague's wife can cost you your job. (Who knew?)
Hard to Catch (The Bay Citizen)
Avoiding being caught as a Ponzi schemer is much more difficult than the work that goes into the scheme itself. Forced to elude the authorities at every turn, Ponzi schemers definitely qualify for an updated version of "Catch Me if You Can," the hit movie.
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