Obama leaves foxes in the Commodity Futures henhouse
In yet another win for the anti-regulation effort in general and banks like Goldman Sachs in particular, President Barack Obama has just re-nominated Jill Sommers to a spot as one of five commissioners on the Commodity Futures Trading Commission, the body that oversees derivatives and commodities trading.
Here’s the scoop on this latest bailout outrage: Citi is planning to commit at least an additional $1 billion in capital to a team of stock-focused proprietary traders, say people with knowledge of these strategies — a move seemingly at odds with Pandit’s earlier vow.
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