Good read on how Washington beat Wall Street

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Ben White argues that Washington’s “war” with Wall Street is largely over. “And Washington won in a blowout.”

“Washington’s big victory came via widespread public outrage at the financial industry, which paved the way for a strong reform bill,” White writes.

“And after President Barack Obama signed Dodd-Frank into law in 2010, the industry made mistake after mistake — from the interest rate rigging scandal to mortgage-foreclosure “robo-signing” — making it essentially impossible for the industry’s lobbyists to beat back any of the newly imposed regulations.”

Dennis Kelleher, chief executive of Better Markets sums it up: “There is no question that many of the highest-risk activities, which happened to be the most profitable activities for Wall Street, are now at least reduced and often totally gone … They’ve had to exit hedge funds and private equity funds and they sold off any business with ‘proprietary trading’ on the door.”

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.