The Good

• Judge Beryl Howell of the U.S. District Court for the District of Columbia dismissed a lawsuit filed by the Chamber of Commerce and the Investment Company Institute challenging a rule that forces mutual funds and other investment companies to register with the CFTC. Ben Protess of the NY Times 12/12/12
• Just to confirm….Elizabeth Warren formally joins Senate Banking Committee David Dayen of Firedoglake 12/12/12

The Bad

• With the banks complaining and the U.S. delaying, it’s looking more and more like Basel III will be watered down if implemented at all. Yves Smith at Naked Capitalism 12/11/12

The Ugly

• Truly Outrageous. The Department of Justice merely settles with HSBC over drug-money laundering and terrorist support, highlighting just how cruel the contrast is between mass incarceration and mass banker immunity really is. Matt Taibbi at Rolling Stone 12/13/12. (Also commented on by Neil Barofsky, Glenn Greenwald and William K. Black…It’s that ugly)