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Bankers at War

The American Bankers Association and the Independent Community Bankers Association (the ABA and the ICBA) don't see eye to eye on banking reform.  The ICBA is supporting reform legislation that has passed in the House, but the ABA this week issued a call for its lobbyists to make an all out effort to crush reform.
See Ryam Grim's article at The Huffington Post (here).

The reason the two major banking lobby groups don't see eye to eye is probably because they represent two different types of banks.  The group representing the many smaller banks (the ICBA) sees banking in the more traditional commercial banking arena.  The ABA sees banking as a broader activity encompassing many riskier, but potentially more lucrative endeavors, such as trading, underwriting derivatives and other activities produced by financial innovation.

To this observer, this simply reinforces the opinion that creating a sound financial system can not be achieved until the classical banking activities are separated from the hedge fund activities of the too big to fail oligarchy. 

Hat tip to the Wall Street Cheat Sheet (here).

Disclosure: No stocks mentioned.