Senate Democrats to Kill Derivativesb Provision Pushed By Berkshire

http://online.wsj.com/article/SB10001424052748703465204575208030785525128.html

Berkshire employees have given Mr. Nelson $75,550 over his political career, according to the Center for Responsive Politics. Mr. Nelson owned between $500,000 and $1 million in Berkshire stock at the end of 2008, according to the most recent financial disclosure forms.

Mr. Nelson broke with other Democrats on Monday and voted with Republicans to prevent the Senate from beginning debate on the financial overhaul bill. He said his opposition was because of concerns about the bill’s impact on auto dealers and dentists, among other things.

“It’s groundhog day here,” said Sen. Christopher Dodd (D., Conn.), laughing, when asked about Mr. Nelson’s opposition vote, a likely reference Mr. Nelson’s role in the health-care debate.

Mr. Dodd said he was prepared to grandfather existing derivatives that have not been cleared, but he could not support waiving margin requirements for those derivatives.

“There are trillions of dollars in play that would raise risks again,” Mr. Dodd told reporters after the vote.

He said Treasury is working on language to see if there’s a fix “without exposing the economy to the kind of problems that you’d have with derivatives out there without margin requirements and position limits.”

Asked if Mr. Nelson’s “no” vote was because the Berkshire amendment was stripped out, Mr. Dodd told reporters to ask Mr. Nelson. But he did indicate it was the only issue he and Sen. Harry Reid (D., Nev.) discussed with Nelson during a tense-looking huddle at the start of the vote. “Dentists and auto-dealers did not come up,” Mr. Dodd said.


Once again the unified Republican opposition to legislation gives dickhead Demd more clout. Dodd’s final comment is hilarious.

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