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- iHaveNet.com: Politics
by Jessica Rettig
A Wall Street icon becomes a poster boy for financial regulatory reform
The characters were prepped and suited, the props -- thick binders holding embarrassing insider E-mails -- were set
prominently in place, and the cameras went live as what MSNBC proclaimed to be the "hearing of the century" played out
on
The 11-hour showdown between senators and top officials of Wall Street icon
And it did produce some quick political fallout: Senate Republicans dropped their opposition to opening debate on the Democrats' proposed financial regulatory reform legislation.
Coming less than two weeks after the
Both Republicans and Democrats, like most of their constituents, now want regulatory reform. That's clear. Even
Last week, with an eye toward midterm elections, the
Dodd and Shelby seemed to have cleared at least one major dispute. Dodd agreed to drop provisions for an industry-financed
Republicans argue that while they share the Democrats' desire to curb Wall Street's high-risk gambles, Main Street, for example the agricultural industry, would be hurt by strict rules affecting derivatives trading. Also, the
The fate of the
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The Political Fix: Changing the Game of American Democracy, from the Grassroots to the White House
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