Yes, the big banks on Wall Street support the endless national discussion across the United States over health care reform because the longer such legislation is debated and delayed, the less chance any banking regulation will get through Congress and that’s great as far as Wall Street bankers are concerned.
For Wall Street, the longer it takes to get legislation passed the better. As stock market values and the economy improve, anger at banks is likely to subside.
So while most everyone is distracted, Bloomberg News reports that Wall Street’s “stealth lobby” is working “to protect one of its richest fiefdoms” and keep derivatives from being regulated.