The Financial Times is reporting that European lawmakers are working hard to push through legislation for more regulatory oversight of the hedge fund industry, despite Britain’s new government begging to hold off.

The French and Germans (not to mention the Greeks!) have had it with a few dozen banksters in New York and London using naked CDO swaps as bets against European country's treasuries - their debt - with nothing to back up those bets.

The banksters have been playing "Heads I win, tails you lose" ever since Phil and Wendy Gramm - with the help of Bill Clinton and Newt Gingrich - blew open Wall Street in 1999 and 2000, turning it into a giant casino.

Banksters in London and New York have extracted hundreds of billions of dollars and pounds from investors over the past few years, and they want to keep robbing us in their legalized betting schemes.

American and British politicians are now so addicted to their cash that they're afraid to stop them, so the job falls to the Germans and the French.

Pray for the success of these nations in stopping this cancer on our economies.