Ally Financial Inc., American Express Company, Bank of America Corporation, The Bank of New York Mellon Corporation, BB&T Corporation, Capital One Financial Corporation, Citigroup Inc., Fifth Third Bancorp, The Goldman Sachs Group, Inc., JPMorgan Chase & Co., Keycorp, MetLife, Inc., Morgan Stanley, The PNC Financial Services Group, Inc., Regions Financial Corporation, State Street Corporation, SunTrust Banks, Inc., U.S. Bancorp, and Wells Fargo & CompanyWow, who would have thought that every big bank would need more capital? Its almost like they have Washington D.C. in their pockets. Oh wait...From the American Prospect:
Treasury Secretary Timothy Geithner is widely expected to exempt currency derivatives from coverage. But the Fed spent trillions to prop up that market in 2008.Read the article for all the details. This isn't necessarily bad (I am obviously against all government regulation of the economy) but is further proof that those who put their faith in the government to adequately regulate the financial industry will continue to be let down. Not that the government could regulate it efficiently to begin with but that is beside the point.
And if you want to see a video of Rep. Dennis Kucinich calling David Patraeus and our policy in Afghanistan a "dismal failure," check it out here. If only Kucinich was as smart on economics as he is on foreign policy, we might have another Ron or Rand Paul in Congress.