The latest offshoot of the Occupy Wall Street movement, Occupy the SEC,
has submitted a 325-page comment to the Securities and Exchange
Commission that calls on regulators to resist the financial industry’s
lobbying efforts to water down the Volcker Rule, a section in the
Dodd–Frank Wall Street Reform and Consumer Protection Act, that aims to
prevent large banks from making certain kinds of risky, speculative
investments. The group is made up of former Wall Street professionals
who once worked at many of the largest financial firms in the industry.
We’re joined by Alexis Goldstein, who worked as a computer programmer
for seven years at Morgan Stanley, Merrill Lynch and Deutsche Bank. She
left Wall Street in 2010 and joined the Occupy Wall Street movement soon
after the encampment began. "Banks shouldn’t behave like a hedge fund,"
Goldstein says. "Hedge funds are there to make money and take risky
bets, and their clients tend to be these really wealthy clients. And the
Volcker Rule sort of says, 'Well, wait a minute. These big banks that
enjoy all this government support shouldn't be in that business."Video
Source: Democracy Now!
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