Congress Moves to DEREGULATE Wall Street
20
March, 2013
WASHINGTON
— A bipartisan cadre of House lawmakers will move on legislation to
deregulate Wall Street derivatives Wednesday, less than a week after
Sen. Carl Levin (D-Mich.) released adevastating report on the
multibillion-dollar derivatives debacle at JPMorgan Chase.
“It
is incredible that less than a week after new JPMorgan Whale hearings
detailed how the bank’s London office piled up risk, hid losses,
and dodged regulatory oversight, that some House members are again
supporting the weakening of derivative safeguards.”
It’s
not incredible Carl, it’s called payoffs.
Yet
in an era of partisan gridlock in the nation’s capital, Democrats
and Republicans have come together to repeal or weaken those rules.
Although Obama may not want to sign a standalone package of Wall
Street deregulation into law, bipartisan legislation could be
inserted into a broader bill that the president might find difficult
to reject.
I’m
sure it’ll be real difficult for Barry to sign. About as gut
wrenching as signing the NDAA.
At
a congressional hearing last week, Wallace Turbeville, a former
Goldman Sachs banker and current senior fellow at the public policy
group Demos, testified on behalf of Americans for Financial Reform
that exempting utilities from the rules would ultimately help Wall
Street firms profit at the utilities’ expense.
“I
had the uncomfortable opportunity to witness sales calls by
derivatives specialists on governmental utilities,” Turbeville
said. “I
have seen the technique of fostering a sense of trust, encouraging an
advisory relationship that can be exploited to sell an immensely
profitable derivative when other alternatives could be better.”
The
bills to be considered Wednesday also include legislation from
Rep. Jim Himes (D-Conn.) — another Goldman alum — that
would roll back Dodd-Frank’s ban on taxpayer support for some kinds
of derivatives trades. Himes
has defended his bill as a way to ensure that more regulators oversee
derivatives, though the measure is opposed by the Americans for
Financial Reform.
Amazingly…Watch Michael Moore Put Piers Morgan to Bed
20
March, 2013
I’ve said before, I’ll say it again. There is nothing better for anyone’s career than to be interviewed by Piers Morgan. The guy is such an unimaginative, partisan hack he always creates the perfect setup for TV magic. While I have been intensely critical of Michael Moore in the past due to his lack of understanding about the financial and monetary system and his knee-jerk reaction to blame capitalism (which does not exist) for everything, he really knocks it out of there park here. While Petit Piers tries to bait him into an infantile left-right debate, Moore doesn’t fall for it and instead places the blame squarely where it belongs…
Mike
Krieger
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