JPMorgan Chase & Co, Goldman Sachs, et al won a delay of the Dodd-Frank Act requiring them to wall off some derivatives trades from bank units backed by FDIC.
According to a notice released from the Office of the Comptroller of Currency on 1/3/2013, commercial banks including these Wall Street firms may get as long as an additional two years — until July 2015 — to comply with the new derivatives requirement.
It's clear that Wall Street does not need the extra time to comply, rather, they are stalling until they can use their absurd influence in Washington to overturn or modify the law.
Stop enabling Wall Street to trample the Constitution. Eliminate the 2-year grace period and make them comply with the laws that are supposed to protect taxpayers.