At a museum near the U.S. Capitol three weeks ago, 700 guests sampled bratwurst and vodka and watched the Olympics on a mammoth screen. From the second floor, Comcast Corp.’s David Cohen addressed the crowd, which included the Russian ambassador and a White House official.
Of all the new rules for Wall Street being considered by Congress, few have the potential impact of a derivatives plan that emerged from nowhere and, to the surprise of its authors, has so far survived the debate.
Voters in 12 states delivered a mixed message as a Democratic senator in Arkansas survived a primary challenge, two former chief executive officers captured Republican nominations in California and a Tea Party activist won a race in Nevada to challenge the leader of the U.S. Senate.
U.S. Representative Barney Frank , who will lead congressional talks to produce a financial-regulation bill, said Senate language that would require commercial banks to wall off their swaps-trading operations “goes too far.”
Federal Deposit Insurance Corp. Chairman Sheila Bair is opposing a Senate measure that could cut off privileges to banks like Goldman Sachs Group Inc. and JPMorgan Chase & Co. that don’t segregate swaps trading units.
Senate Democrats are delaying action on a proposal to force banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. to wall off swaps trading while the plan’s sponsor deals with a re-election battle, lawmakers said.