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  • Eric Bauer
    McClatchy DC Bureau Eric Bauer has sent you the following story: McClatchy Washington Bureau Posted on Monday, Nov. 30, 2009 Wall Street s a casino, so maybe
    Message 1 of 5 , Nov 30, 2009
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      McClatchy DC Bureau
      Eric Bauer has sent you the following story:


      McClatchy Washington Bureau
      Posted on Monday, Nov. 30, 2009

      Wall Street's a casino, so maybe state gambling laws apply
      By Les Blumenthal

      WASHINGTON — Sen. Maria Cantwell wants to use state gambling laws to regulate parts of Wall Street, saying someone needs to police financial markets where "casino capitalism" involving highly speculative trades she likens to sophisticated betting continue unabated and threaten to create yet another financial crisis.

      "She's going for their jugular," Michael Greenberger, a University of Maryland law professor, said of the effort by Cantwell, a Washington state Democrat. Greenberger was a top official at the Commodity Futures Trading Commission during the Clinton administration who unsuccessfully fought to regulate such trading.

      Cantwell wants to repeal parts of a 2000 law that barred states from using their gambling laws to help rein in the nearly $600 trillion derivatives market.



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