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OccupytheSEC Pt2: "How Stupid Do the Banks Think We Are?" Enforce the Volcker Rule!

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Uploaded on Feb 17, 2012

New York, February 13--At a rally this evening in front of the Federal Reserve, Alexis Goldstein, member of Occupy the SEC, swiftly nails aspects of the Volcker Rule that need to be fixed. Fiery and razor sharp, Goldstein, who worked on Wall Street for seven years, has spent the past three months helping to draft the 325-page comment letter on Volcker (filed to this morning's deadline). Claiming that enforcement of the rule would ruin the economy, the banks "got busy with their lobbyists and trade groups," says Goldstein. The banks crowed: "Let's water this rule down!" Occupy vehemently objects. "How short do they think our memories are? " Volcker aims to protect the public by stopping banks from engaging in speculative gambling with customers' deposits, also known as proprietary trading. Existing loopholes, however, have allowed the banks to dodge the regulations, leading to the current financial crisis. A final version of Volcker is being written between now and July by the FED, FDIC and the SEC, hopefully taking note of Occupy's comments. See also Pt 1 of OccupytheSEC on this channel. Filmed by Squaring Off. NB Feel free to re-post video in its entirety, but please--don't excerpt without my permission. Thank you. Press inquiries contact: lizajbear@gmail.com or 646-246-1869. For an update on SEC's reaction to the comment letter, see www.occupythesec.org. For more info on Volcker, see occupythesec.nycga.net; and on the comment letter, Felix Salmon's blog on Reuters.

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