Banking Lobbyists Make a Run at Reform Measure

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Brain -> Banking Lobbyists Make a Run at Reform Measure (6/20/2010 9:57:58 PM)
Scott Brown, right wing sellout, some independent. The prick is going to allow the screw up of the economy all over again. There had better be no exemptions to Volckers’ rule. Bill Banking Lobbyists Make a Run at Reform Measure As Congress rushes this week to complete the most far-reaching financial reform plan in decades, the banking industry is mounting an 11th-hour end run. To secure the support needed for their bill, Senate negotiators are leaning toward creating a series of exemptions to the Volcker Rule that would allow banks to continue to operate these businesses as investment funds that hold only client money, according to several Congressional aides, industry officials and lawyers. In particular, the provisions, sought by Senator Scott Brown, Republican of Massachusetts, and several other lawmakers, would benefit Boston-based money management giants like Fidelity Investments and State Street Corporation. But the biggest Wall Street firms would be helped as well. For example, JPMorgan Chase would be able to retain its Highbridge Capital Management unit, and Goldman Sachs could hold on to several large hedge funds, including its flagship Global Alpha franchise. Morgan Stanley could keep FrontPoint Partners and several other smaller hedge funds. Without the exemptions, all of these banks might be forced to divest the bulk of their hedge fund and private equity units http://www.nytimes.com/2010/06/21/business/21volcker.html?partner=rss&emc=rss

NewOCDaddy -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 1:06:00 AM)
quote: ORIGINAL: Brain Scott Brown, right wing sellout, some independent. The prick is going to allow the screw up of the economy all over again. There had better be no exemptions to Volckers’ rule. Bill Banking Lobbyists Make a Run at Reform Measure As Congress rushes this week to complete the most far-reaching financial reform plan in decades, the banking industry is mounting an 11th-hour end run. To secure the support needed for their bill, Senate negotiators are leaning toward creating a series of exemptions to the Volcker Rule that would allow banks to continue to operate these businesses as investment funds that hold only client money, according to several Congressional aides, industry officials and lawyers. In particular, the provisions, sought by Senator Scott Brown, Republican of Massachusetts, and several other lawmakers, would benefit Boston-based money management giants like Fidelity Investments and State Street Corporation. But the biggest Wall Street firms would be helped as well. For example, JPMorgan Chase would be able to retain its Highbridge Capital Management unit, and Goldman Sachs could hold on to several large hedge funds, including its flagship Global Alpha franchise. Morgan Stanley could keep FrontPoint Partners and several other smaller hedge funds. Without the exemptions, all of these banks might be forced to divest the bulk of their hedge fund and private equity units http://www.nytimes.com/2010/06/21/business/21volcker.html?partner=rss&emc=rss So, objective one. If he supports a pro-business position he's a "right wing sellout", but when he's supporting a flawed Democrat jobs bill he is just expressing his independent thought? If you really believe youre objective, you need psychiatric help.

Brain -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 2:08:22 AM)
You’re an idiot. Go ahead and suffer in another recession. Oh, but you won’t suffer will you being a fat cat banker. Pro business my ass letting the scumbags get all the loot! Like they don't have enough! [image]local://upfiles/392475/0A3236677E614642B3C567236F5C07B4.jpg[/image]

Brain -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 2:19:23 AM)
These are good articles about this too – I have to say this whole issue of financial reform has been very frustrating. They should have fixed this by the end of March and healthcare too – way too much time has been wasted; very frustrating. AND I AM DISGUSTED WITH IT. Sickening to read this shit. "Crony capitalism reigns US economy" He went so far as to state that US government "has failed miserably to perform this basic function", and the reason lurking behind the failure is that financial services regulators failed to enforce laws and regulations against fraud." On March 2009, Former NASDAQ chairman Bernard Madoff pleaded guilty to eleven accounts of federal crimes including an estimated $64.8 billion fraud and money laundering. This senior analyst on banking and monetary policy also bristles at gimmicks employed by the Lehman Brothers prior to its bankruptcy in order to hide its leverage and to conceal how much money it was borrowing, arguing that it's hardly tenable to believe regulators were in dark about such irregularities and illegal procedures at the heart of US financial system. "Congressional committees overseeing industries succumb to the allure of campaign contributions," O'Driscoll observes. "The interests of industry and government become intertwined and it is regulation that binds those interests together." http://www.presstv.ir/detail.aspx?id=131299§ionid=3510213 Why Wall Street is generous to New Democrats in House Members of the powerful New Democrat Coalition in the House of Representatives are among the top Democratic recipients of Wall Street campaign money this election cycle — and also among the most vocal advocates for weakening a plan to regulate complex financial instruments called "derivatives" that helped fuel the near-collapse of the economy in 2008. A McClatchy review of campaign donations listed by the Center for Responsive Politics found that eight of the top 13 Democratic House recipients of Wall Street campaign cash are New Democrat Coalition members. ....A House-Senate negotiating committee narrowing differences between competing financial regulation bills will debate the issue next week. The Senate's version would impose tougher restraints on derivatives and force banks to spin off their divisions that trade in them. The version the House passed last year is weaker on derivatives, and wouldn't force banks to spin off their trading business. On Wednesday, 43 members of the New Democrat Coalition — a group of 69 business-friendly House Democrats — sent a letter to the top House-Senate negotiators arguing against the Senate provisions and in favor of the weaker House version. The House version, they said, would provide "clear protections for end users who pose no risk to the stability of the financial system so they may continue to use derivatives to prudently manage their risks." http://www.miamiherald.com/2010/06/18/1688815/why-wall-streets-generous-to-new.html#ixzz0rLEGxKTF Tell New Dems to Stop Paying Former Bank Lobbyists With Your Tax Dollars CQ Politics says that "Democratic Reps. Jim Matheson of Utah and Gabrielle Giffords of Arizona have joined a quiet revolt in the House that could slow some of President Obama’s fast-moving priorities." This, we are told, is because "The two are among 49 Democrats from congressional districts that backed Republican Sen. John McCain’s 2008 presidential race and whose support for the Democratic majority’s progressive agenda is increasingly not assured." But is that true? Is this an honest attempt to represent their districts? Or does it have anything to do with the fact that Matheson is a Blue Dog, Giffords is a member of the New Democrat Coalition, and lobbyist money is flowing into their coffers now that they control what legislation gets passsed? Giffords’ district is among the hardest hit by the foreclosure crisis. Are they truly representing "conservative" interests, or just open for business? http://firedoglake.com/2009/03/04/new-dems-walking-to-the-right-of-blue-dogs/

eyesopened -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 3:08:33 AM)
I thought the economy in Canada was doing well.

willbeurdaddy -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 8:28:23 AM)
quote: ORIGINAL: eyesopened I thought the economy in Canada was doing well. >70% of the Canadian economy is trade with the US. If we arent doing well, they arent doing well.

Brain -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 5:51:24 PM)
It is but it would be doing better if you guys would get your act together. Please make sure you get financial reform done properly and don't let them weaken the Volker rule. Canada's economy is suddenly the envy of the world - Yahoo! Finance TORONTO (AP) -- Canada thinks it can teach the world a thing or two about dodging financial meltdowns.The 20 world leaders at an economic summit http://finance.yahoo.com/news/Canadas-economy-is-suddenly-apf-807130582.html?x=0 quote: ORIGINAL: eyesopened I thought the economy in Canada was doing well.

willbeurdaddy -> RE: Banking Lobbyists Make a Run at Reform Measure (6/21/2010 5:53:33 PM)
quote: ORIGINAL: Brain It is but it would be doing better if you guys would get your act together. Please make sure you get financial reform done properly and don't let them weaken the Volker rule. Come November a lot of things will begin to get done properly.

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