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Barack Obama Benedicte Gravrand, Opalesque Geneva:

U.S. President Obama recently discussed corruption and prosecutions on Wall Street, saying: "one of the biggest problems about the collapse of Lehman’s and the subsequent financial crisis and the whole subprime lending fiasco is that a lot of that stuff wasn't necessarily illegal. It was it was just immoral or inappropriate or reckless. That’s exactly why we needed to pass Dodd-Frank… The financial sector is very creative, and they are always looking for ways to make money. That’s their job. And if there are loopholes and rules that can be bent and arbitrage to be had, they'll take advantage of it … I think part of people's frustrations, part of my frustration was a lot of practices that should not have been allowed weren't necessarily against the law; but they had a huge destructive impact. And that's why it was important for us to put in place financial rules that protect the American people from reckless decision making and irresponsible behavior." (6th October, 2011 CNBC video).

Prohibition against conflicts of interest One of these steps is last month’s SEC’s proposed rule for the "prohibition against conflicts of interest in certain securitizations." The rule – which will receive comments till Dec.19th – would be implemented under the Dodd-Fr......................

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