funny how it was the dems who seemed to get most of the green donated by the bankers
Actually....your facts are wrong. But Democrats are certainly not immune to corporate corruption either.
It's fun to watch conservatives try to justify blocking even discussion of financial reform. No debate! We musn't talk about things! NEVER DISCUSS THINGS!
When you are the "Party of NO"....you have to block discussion....otherwise, it becomes obvious that you are the party of no ides.
TORT REFORM!
Oh wait what were we talking about again?
When you are the "Party of NO"....you have to block discussion....otherwise, it becomes obvious that you are the party of no ides.
Somehow I thought one brave Republican would stand up for working people against the fat cats on Wall Street. How foolish was I? Not a single one? Incredible.
Republicans united in opposition to financial reform bill - The Hill's Blog Briefing RoomDear Leader Reid:
We encourage you to take a bipartisan and inclusive approach, rather than the partisan path you chose on health care.
A bipartisan bill should address the damaging financial practices of big Wall Street firms and government-sponsored entities that led to unprecedented taxpayer bailouts and caused our government to take on enormous amounts of debt. We simply cannot ask the American taxpayer to continue to subsidize this “too big to fail” policy. We must ensure that Wall Street no longer believes or relies on Main Street to bail them out. Inaction is not an option. However, it is imperative that what we do does not worsen the current economic climate or codify the circumstances that led to the last financial crisis.
We are united in our opposition to the partisan legislation reported by the Senate Banking Committee. As currently constructed, this bill allows for endless taxpayer bailouts of Wall Street and establishes new and unlimited regulatory powers that will stifle small businesses and community banks.
This is a complex issue that could have unintended consequences on job growth, the ability of Americans and business owners to access credit, and the United States’ role as a worldwide leader in innovation and capital formation. The consequences of this bill will reverberate across our economy for years to come.
We urge you to support the bipartisan negotiations by the Banking and Agriculture Committees. We are confident that the Senate can overcome political tensions and provide a bipartisan approach to financial reform this year.
Actually....your facts are wrong. But Democrats are certainly not immune to corporate corruption either.
Obama-Dodd financial bill would further enrich Goldman Sachs|OpenMarket.orgToday, the SEC charged giant investment bank Goldman Sachs with more than $1 billion worth of securities fraud for its dealings in the subprime mortgage market.
Ironically, at the same time the SEC is seeking justice for Goldman’s alleged victims, President Obama and Senate Banking Committee Chairman Chris Dodd (D-Conn.) are pushing a bill would reward the firm with potentially billions of dollars by instituting a so-called “resolution authority” that would, in practice, be a permanent bailout fund.
Supporters of Dodd’s bill maintain that it does not create bailouts because the failing firm’s shareholders would be wiped out and its managers would be fired. But what they don’t say is that the money from the $50 billion resolution fund would be used to frequently give creditors of this firm a better deal than they would have in bankruptcy.Recall that during the financial implosion of late 2008, Goldman was not bailed out directly by taxpayers, but instead received tax dollars as a creditor of AIG. Goldman received $12.9 billion in the “backdoor bailout” of AIG because of the credit default swaps it owned that AIG had insured. Goldman and other of AIG’s counterparties were paid by the government 100 cents on the dollar in this bailout, whereas creditors in bankruptcy court often get less than 50 cents on the dollar.
So as American Enterprise Institute scholar and Financial Crisis Inquiry Commission member Peter Wallison puts it: “That act—paying off the creditors when the government takes over a failing firm—is a bailout. It doesn’t matter that the management lose their jobs, or that the shareholders get nothing. When the creditors are aware that they will get a better deal with the failure of a large company than they will get with a small one that goes the ordinary route to bankruptcy, that is a bailout.”
To top it off, the fees for the Dodd bill’s resolution fund that would pay off a failing firm’s creditors would come not just from banks but from a broad array of Main Street businesses. Stable life, auto and home insurance companies would have to pay into this fund to subsidize the failure of the next high-roller, and the fees they pay would likely be passed on in the premiums their policy holders pay. And the bill’s definition of “nonbank financial company” is so broad that it could cover manufacturers only tangentially involved in extending credit, such as those that lease equipment to their customers. This would raise prices and cost Main Street jobs.
All in all, the Goldman indictment should serve as a wakeup call to those who want to ram a bill through Congress without looking at who both its victims and beneficiaries would ultimately be.
Has anyone bothered to ask themselves why Goldman Sachs supports this "reform" if it's bad for large corporations?
Obama-Dodd financial bill would further enrich Goldman Sachs|OpenMarket.org
if you think We the People don't know what's actually happening, the only one you are fooling is yourself
Has anyone bothered to ask themselves why Goldman Sachs supports this "reform" if it's bad for large corporations?
Obama-Dodd financial bill would further enrich Goldman Sachs|OpenMarket.org
The OLF would not be used to help a major financial institution avoid failure. It would be used to finance the costs of resolution.
Excerpted from “United GOP blocks reform debate again” By MEREDITH SHINER, Politico, 4/28/10 10:49 AM EDT
[SIZE="+2"]F[/SIZE]or the third consecutive day, Republicans united to block a Wall Street reform bill from hitting the Senate floor as frustrations grew over the pace of negotiations …
“We have negotiated in good faith and we have tried, and we have got to get to this bill. Let's stop talking about this negotiation. It's going nowhere.” — Senate Majority Leader Harry Reid (D-Nev.)†
Shades of Peter‡, three times have the Republicans, every last one of them, denied the American people.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?