Dow Jones Newswires writer Michael Crittenden surveys observers today regarding the announcements this morning by Senate banking committee chair Chris Dodd, Democrat, of Connecticut and Senator Byron Dorgan, Democrat, of North Dakota plan to retire rather than seek re-election. The conclusion is that the bowing out of both means more compromise, less of a populist tinge, to the Dodd-Shelby-Frank banking reform bill that Dodd was working to pass.
In particular, Dodd’s efforts to create a new independent banking oversight agency and a new independent consumer agency to watch banks could be at risk as the legislation gets pushed out beyond the mid-term elections this year.
Financials today are fairly strong, with Morgan Stanley (MS) up 40 cents, or 1.2%, at $32.44, JP Morgan-Chase (JPM) up 31 cents, or 0.7%, at $44, and Bank of America (BAC) up 32 cents, or 2%, at $16.52. Goldman Sachs (GS) is the standout decliner, its shares down $1.77, or 1%, at $174.37.
As mentioned earlier, Citigroup (C) is up about 4% today at $3.65, which may or may not be the result of short sellers scrambling to buy the stock.
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