Are Obama’s Bank Reform Proposals Good News for Lawyers?
January 22nd, 2010 admin
The stock market sure didn’t respond well to President Obama’s calls on Thursday to regulate the size and activities of the nation’s largest banks. (The Dow Jones was down over 213 points). But how did lawyers respond? From what we’ve seen so far, it was a mixed bag. Allen & Overy’s Doug Landy , the head of the firms’ U.S. bank regulatory practice, isn’t a fan. In an email to the Law Blog, Landy wrote: The Obama proposal on limiting bank size and principal activities is a troubling concept that is neither supported by the evidence of the causes of the credit crisis nor well designed to prevent future systemic risk issues. If either being a large bank, or engaging in agency and principal activities in the same entity, were so inherently risky as to…
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