Big Banks Will Do Anything to Avoid Dodd-Frank

It's not really surprising that big banks want to continue the status quo—it is lucrative after all.  The swaps industry is huge at 600 trillion U.S. dollars and it's largely unregulated.  Although most of the press and interested parties say it is used for hedging, it is also used for speculating.This is the same swap market that brought AIG to it's knees and ended up pushing the U.S. to the brink of a depression.  Although AIG wasn't speculating, the buyers of the swaps were—like Goldman Sachs!  Dodd-Frank would regulate and open the doors to this opaque market, hopefully preventing another financial meltdown.