Black People Politics : Is Wall Street LITERALLY writing America's laws now?

Discussion in 'Black People Politics' started by Kadijah, May 25, 2013.

  1. Kadijah

    Kadijah Banned MEMBER

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    http://theweek.com/article/index/244716/is-wall-street-literally-writing-americas-laws-now
    Citigroup reportedly helped draft more than 80 percent of a House finance bill
    By Keith Wagstaff | May 24, 2013
    inShare
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    Both Democrats and Republicans get an F- for reducing Wall Street's influence in Congress.
    Chip Somodevilla/Getty Images

    A bill called the Swaps Regulatory Improvement Act recently sailed through the House Financial Services Committee. But when The New York Times went through emails from a lobbyist to the congressmen who wrote it, the paper discovered an unofficial co-author: Citigroup.
    It turns out that recommendations from Citigroup made up 70 of the bill's 85 lines, with two important paragraphs copied almost verbatim — save for two words that were changed to make them plural, according to the Times.
    The bill takes aim at the 2010 Dodd-Frank Act, the financial regulatory reform bill that was meant to prevent a repetition of the 2008 financial crisis. The specific provision in question forbids banks from trading certain derivatives that critics say were instrumental in causing the crisis. Under Dodd-Frank, those derivatives would have to be moved to affiliates that weren't FDIC-insured, lessening the chance they would be the recipients of government bailouts.
    Erika Eichelberger at Mother Jones also compared the Citigroup draft of the bill with the final House version and found them "practically identical." She noted that Citigroup has long played a role in relaxing financial regulations, including the 1999 repeal of the Glass-Steagall Act, which once prevented commercial banks from engaging in the same activities as investment brokerages.
    Citigroup was the "bank that administered the coup de grace to Glass-Steagall," Marcus Stanley, policy director at Americans for Financial Reform, told Mother Jones.
    Citigroup defended its lobbying efforts in a blog post on its website. Ed Skyler, head of global public affairs, wrote that the provision "does absolutely nothing to create a safer financial system." Instead, he wrote, it would "create undue costs and burdens on U.S. financial firms," which will force them to "simply do business elsewhere."
    Skyler also noted that the bill was bipartisan, which is true. The majority of congressmen who supported the legislation were Republicans, but it was co-sponsored by Rep. Sean Patrick Maloney (D-N.Y.), who, the Times reported, recently held a fundraiser in Washington, D.C., in which corporate executives and lobbyists paid up to $2,500 to have dinner with him.
    While there has been a notable lack of bipartisanship in Congress in recent years, it appears that both Democrats and Republicans are more than open to Wall Street's money. As Sen. Dick Durbin (D-Ill.) once said of Congress, banks "frankly own the place."
    "Democrats can’t be trusted to control Wall Street," Robert Reich, former secretary of labor under President Clinton, said at Salon. "If there were ever an issue ripe for a third party, the Street would be it."
    Even those who supported the bill said the close relationship between the banks and lawmakers was unseemly.
    "It’s appalling, it’s disgusting, it’s wasteful and it opens the possibility of conflicts of interest and corruption," Rep. Jim Himes (D-Conn.), a former Goldman Sachs banker and member of the House Financial Services Committee who backed the bill, told the Times. "It’s unfortunately the world we live in."
     
  2. Alarm Clock

    Alarm Clock Well-Known Member MEMBER

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    :bowdown:
     
  3. Alarm Clock

    Alarm Clock Well-Known Member MEMBER

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    Citicrap, was the architect of the destruction of the Glass Steagal act; the act that made hedge funds, and the stupid subprime mortgages shoveled to Black folks. Mortgages, mind you..found to be illegal by 44 state District Attorneys.
    They took Elizabeth Warren out of the Federal Reserve and gave her a senate seat, to isolate her and make sure she gets no real input!
     
  4. Alarm Clock

    Alarm Clock Well-Known Member MEMBER

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  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    pure capitalism or corporate government will lead quickly to confusion and ultimately collapse.
    that is because business entities are too narrow focused to be effective governors.
    we almost failed in 2008 and they want to have at it again.

    apparently, the united states will collape from within due to corruption.

    perhaps we need the ultimate destruction of the current system so that we will be forced to bring in something new.
     
  6. Kadijah

    Kadijah Banned MEMBER

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    Something has to give...

    And remember, it's not JUST Wall Street pumping money into Congresspeople's re-election war chests and pockets. Airpac (Israel's big lobby) gives more money to buy influence with Congress than Wall Street. Lobbyists of ALL stripes are wining and dining and giving "contributions" and "speaking honorariums" to Congress people to pass legislation favorable to them.

    If money is the root of all evil, it's found a home in the U.S. Congress.
     
  7. Alarm Clock

    Alarm Clock Well-Known Member MEMBER

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    Malcolm stated in 1964 we should have a ten billion dollar Black Agenda lobby in DC
     
  8. Alarm Clock

    Alarm Clock Well-Known Member MEMBER

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    We spent a trillion dollars last year which means that there are a whole bunch of werewolves and vampires on "War" street that would wither and gasp, if we had major national boycotts!
    No Black banks were bailed out in 2009, at that point we should have pulled out every dollar, from other banks and put them in our own.

    one little town one small town with no computers, no cell phones, no civil rights, or voting rights; was called Black Wall street;

    after the messages from Garvey, Malcolm, Karenga, Dr Neely Fuller, Amos Wilson, Dr Khalid Muhammad; Claud Anderson, we should have a Black Wall street in every major city by now and be able to gas and electric our own homes, feed , clothe and house ourselves, after spending a trillion dollars; and be able to invest in the Motherland, without them having to seek help from the Yellow man!

     
  9. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Unless we take our government back, we are all doomed






    ..
     
  10. MS234

    MS234 Well-Known Member MEMBER

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    On the right track, this is just the tip of the iceberg.
     
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