By William D. Cohan
Bloomberg News
Tuesday, December 24, 2013
After almost 30 years in Washington, Bart Chilton will soon be taking his leave. For the past 6 1/2 years he has been an outspoken member of the Commodity Futures Trading Commission, one of the financial industry’s most important regulators.
Chilton leaves behind a sobering message: As we long suspected, Wall Street continues to use every trick in its playbook to do whatever it can to eviscerate numerous post-financial-crisis rules. The arsenal includes high-powered lobbyists who outnumber lawmakers 10-1; $1,000-an-hour letter-writing lawyers who gain strength from negotiating over arcana; and the occasional hoodwinking of a president whose knowledge of the ways of finance are close to nil.
In a recent interview Chilton said that, despite years of hard work by financial regulators to put the 2010 Dodd-Frank law into force (witness the 882 pages required to explain a 71-page Volcker Rule), their efforts will be futile in the face of Wall Street's money and power. "The lesson for me is: The financial sector is so powerful that they will roll things back over time," Chilton says. "The Wall Street firms have tremendous influence, and they can impact policy to a greater degree than any one regulator or a small group of regulators can." ...
... For the full story:
http://www.bloomberg.com/news/2013-12-24/angr...s-parting-sh...
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