An example of the high principles with which financial regulation is being considered:
Dan noted yesterday that Sen. Chris Dodd snuck in a (literally) eleventh-hour amendment to the Senate’s financial-regulation bill which would have allowed a group of federal officials who oppose Sen. Blanche Lincoln’s derivatives amendment to quietly “study” it to death.
Dodd apparently thought he could safely do this without affecting Lincoln’s chances in her primary race, but Lincoln failed to win outright and must win a runoff. So now Dodd has pulled a double reverse and issued a “nevermind” via Twitter: He will not bring up his amendment to Lincoln’s derivatives bill after all.
This is all about election posturing.
