From the FINANCIAL TIMES:
The US Congress finalised an overhaul of the financial sector on Friday that would impose a $19bn levy on Wall Street and force banks such as Goldman Sachs and Morgan Stanley to retreat from lucrative businesses.
If approved as expected, the legislation would mark the most dramatic change in financial rules since the repeal in 1999 of the Depression-era separation between investment and commercial banking. This paves the way for President Barack Obama to claim, after the recent healthcare reform, his second key legislative victory…
Although banks won concessions allowing them to continue trading most derivatives, the surprise $19bn (€15bn) tax is to help pay for the cost of the bill…
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