In Crisis, Banks Dig In for Fight Against Rules

http://www.nytimes.com/2009/06/01/business/01lobby.html?_r=1&scp=1&sq=banks%20dig%20in%20for%20fight%20against%20rules&st=cse

To the Editor:

    

   The current global economic crisis has many fathers, but the "shadow banking system" that has arisen in the U.S. in the last three decades deserves a place at the head of the list. The regulations imposed on banking in the New Deal made the U.S.  banks and stocks the repository of much of the world's wealth. The "shadow banking system" exists only to dodge these regulations.  The few who profit from evading regulation will lobby mightily to stay unregulated. They do so at the expense of the our nation.

Barry Levine