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Thursday, February 24, 2011

$1000 an hour lawyers are already using these tricks to help banks avoid volcker rule and fed policy.

$1000 an hour lawyers are already using these tricks to help banks avoid volcker rule and fed policy.

"Needless to say, it seems politicians, regulators, central bankers, and politicians on the left and right are primed to be taught once again that the U.S. economy is not an island unto itself, and as such, how worthless will be their attempts to regulate economic activity, abolish failure, and “contain” alleged economic calamities that merely show capitalism to be working.
The Journal headline that said it all was, “Banks Find Loophole on Capital Rule”, and it’s something that was long predicted in this and other columns. To foresee it was in no way visionary, rather the prediction had to do with the simple reality that money is fungible, and attempts to restrain capital flows will invariably lead to sharp minds navigating around those barriers." 

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