Page 94 - Liquidation News Today

The left, civil libertarians opposing this but they have rolled over on this because its democratic proposal. >> bret: to hear senator shelby talk about it, the chief negotiators from republicans, theyre close but the consumer part is a big hurdle. he calls it the most intrusive and sweeping pieces of legislation this country has ever seen. that is a bold statement. >> it is. the list of problems that the republicans have with the bill is growing. its not shrinking. though everyone is talking ab...

The orderly liquidation of failed firms to avoid the near catastrophic chaos caused by the lehman brothers collapse. independent directors on compensation committees to determine executive pay. more oversight of derivatives that often trade between firms but not on official exchanges. but the industry remains opposed to a plan from former federal reserve chairman paul volcker to limit the kinds of investment securities firms can make. >> biggest concerns are we dont think the volcker rule really...

Fought off efforts to impose more oversight. industry executives said self-regulation works just fine. but the financial meltdown turned wall street topsy-turvy and president obama told executives to face the new political reality. >> i want to urge you to join us. >> we know reform is coming, we would like to see it be responsible. >> reporter: the way the bills stand now, can you live with them? >> we would like to see change. were close. >> reporter: the industry supports a mechanism to ensur...

Chief executive of the lobbying and trade group, says he welcomes new regulation. >> wall street needs reasonable reform. everybody in the industry is in favor of getting something done. >> reporter: that change of position is historic. for decades wall street sung successfully fought off efforts. industry executives said self-regulation works just fine. but the meltdown turned wall street topcy turfvy. >> i want to urge you to join us instead of fighting us. >> we know reform is coming. we woul...

Confidence in the financial markets, that remains to be seen. >> what kind of fight do you think this will really provoke? >> wall street will not give a free pass. they want to be able to hold onto the business of being able to invest wherever they want to invest. that volcker rule would prevent that. thats something that has been the source of lots of profits and risk taking as well. >> also, the whole notion of too big to fail, does this regulation allow that to continue? >> on too big to fai...

Billion slush fund paid for by banks that would go to help failing financial institutions. >> our bill ends qutd t"too big to fail." creditors lose. there is a liquidation of assets that occur. >> with the creation of a $50 billion bailout fund rk, it see to me and many others that the very existence of this fund would perpetuate the same kind of risky behavior that led to the last crisis. >> senator mcconnell says the republicans are united in opposing that bill. critics point to the bills timi...

Central elements of the bill absolutely do the opposite. mark warner and i drafted the language. as a matter of fact, i know the presidents going to wall street later this week to act like hes being tough on wall street which is a laughable moment. i mean, this bill is anything but tough on wall street. as a matter of fact, im sure theyll be hoisting him on their shoulders after this bill passes. the only thing in this bill that is tough is what mark warner and i drafted as far as making sure th...

>> shepard: this is a very divisive issue. >> thats right. republicans are flirting with the idea of a filibuster. thats using all 41 of their senate republicans to block debate on this issue unless they get better negotiations with the white house and senate democrats. we will see how that plays out in the next couple of days. one issue right now that folks are focusing on should there be a prefunded liquidation account. republicans call that bailout fund. no its money that the big banks would ...

Horrendous case up there of apparently a deliberate effort to bilk people out a billion dollars so someone could make a billion dollars, it seems the good guy case is to find a bipartisan solution. >> i couldnt agree more. were really not that far from it, chris. there are some things on orderly liquidation i said on the floor and said multiple times we could fix in about five minutes. consumer protection piece needs to be put back where it was when chris and i were negotiating on march the 10th...

Has been a falling out now. democrats are pushing ahead, planning on introducing a bill this week. but republicans say, theyre united against it. i want you to take a listen. >> our bill ends too big to fail. bailouts and forever. management is fired. hair shareholders lose, creditors lose. there is a liquidation of assets that occur. >> the creation of a $50 billion bailout fund, it seemed to me, and many others, at the very existence of this fund would perpetuate the same kind of risky behavio...