Financial Services Report
Editor’s Note
New York Mayor Michael Bloomberg wants to ban sodas sold
in containers of more than 16 ounces. Thank you for asking our
opinion. Or, as the young folks say, “no problem.”
It’s a brilliant idea, but doesn’t go far enough. Why just soda?
If we were serious about obesity, we wouldn’t let Banana
Republic sell pants with waists larger than 38. We could solve
the problem of rowdy frat boys by making them quaff beer from
vessels no bigger than a shot glass. As for those obnoxious
oldsters in their earsplitting Harley Hogs trying to channel
“Easy Rider”? No more motorcycles with engines larger than
a hamster wheel. Wait, we’re just getting warmed up. Why
shouldn’t government wear a corset too? Imagine if every law
passed by Congress had to fit inside a Starbuck’s “venti” cup.
For federal regulators, we might downsize even more, say, to a
Starbuck’s “tall” . . . with room for milk (low fat or soy, natch).
Alas, stuff happened this quarter. Stuff does that. There is news
(reported in these pages) about SIFIs (see “Beltway Report”)
and the Bureau’s decision to go after prepaid cards and police
everything for “disparate impact.” (See “Bureau Report.”) The
Volcker Rule starts July 21, yet there are no final regulations.
(See “Operations Report.”) In arbitration, it was a year since
the SCOTUS decided Concepcion, for which we have a birthday
celebration plus a report on what has happened since. (See
“Arbitration Report.”) And speaking of SCOTUS, the Freeman
v. Quicken Loan decision was a very big deal. (See “Mortgage
Report.”) Finally, privacy continues to simmer. (See “Privacy
Report.”) More action this quarter than a Secret Service party in
Cartagena.
Until next time, steer clear of any of John Edwards’s celebrity
endorsements, avoid plaids with prints, and go pull out those
misplaced Greek drachmas in the back of the sock drawer.
William Stern, Editor-in-chief
IN THIS ISSUE
Beltway Report
Bureau Report
Operations Report
Arbitration Report
Mortgage Report
Privacy Report
Preemption Report
MoFo Metrics
2: Maximum height of shoe heel
doctors recommend, in inches
50: Percentage of shoes bought
by women with heels over
3 inches
7.1: Pounds of trash an average
American discards, per day
2.5: Pounds of trash an average
Japanese citizen discards,
per day
30: Percent of married persons
who lie to spouse about money
4: Number of panda births,
San Diego Zoo
43: Percentage of CEOs who
report their companies have
a chief innovation ofcer
9: Age of Mozart upon completing
his rst symphony
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