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Senate Rejects Brown-Kaufman Proposal To Break Up Largest Banks
The Senate is officially bribed, paid for and in the pocket of the big banks. Too disgusted to even comment on this. This country deserves all that the "big banks" have in store for it.
Below is the full press release from Senator Kaufman:
WASHINGTON, DC – Senator Ted Kaufman (D-Del.) released the following statement after the Senate voted down the Brown-Kaufman amendment to Wall Street reform legislation, 33-61.
“I am disappointed. This is certainly a defeat for those who are concerned about the dangers of financial concentration in this country.
“On the other hand, against the odds and starting from nowhere, I am proud that Senator Sherrod Brown and I helped to start a nationwide debate on the need to break up ‘too big to fail’ banks and succeeded in getting a vote on our amendment.
“The debate on the floor and around the country was not short – it lasted for weeks. In the last month, this proposal and debate was met with favorable reaction from many respected policymakers, economists and former regulators. I believe this idea was sound policy – and I further believe that a mainstream consensus will continue to grow that these megabanks are too large, too complex and too internally conflicted to regulate successfully.
“Some causes are worth fighting for, and for me, the concern about the risks ‘too big to fail’ banks pose to the American economy and people is deep and profound given the economic tragedy millions of American have endured. I believe the debate itself – though failing to gain a majority of votes – has helped to change attitudes about the degree of financial concentration and power these megabanks now represent. Going forward, I hope the Congress will work to strengthen the bill’s ban on proprietary trading by banks. And I hope that regulators will understand that they should use their discretion under existing statutory authority to break up megabanks when the financial system is threatened.”
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Shame on you America!!
False alarm. Everyone go back to their holes, we are going to rerun American Idol for the next 72 hours to make up for the "glitch" today.
Sincerely,
Team Obama
We Care USA.
Classic, like they were going to break up the big banks. I almost blew a lung laughing.
I'm gonna do a shameless plug for Alan Grayson's latest and greatest hit in the Senate.
Explains how Americans own the Red Roof Inn via the Fed:
http://www.youtube.com/watch?v=pE3oiKuU8UI&playnext_from=TL&videos=rWlCbPcCpS0&feature=sub
So are you saying I can stay at the Red Roof Inn for free from now on?
Not only can you stay for free, but the free stay is tax deductible....
I almost fell out of my chair I was laughing so hard.
And I'll do a shameless plug for the fundraiser approved by Tyler for ZH: Memorabilia for today, a momentous day in the markets--the fat finger from Timmay
http://www.zazzle.com/timmy_at_the_ppt_mug-168279006489241034
Someone tell me why the biggest seller on Zazzle is Timmy behind bars? I work my ass off to create fun stuff. Yes, Bernanke at the printing press is selling. Yes, the Summer Drive of Larry, Timmy in Drag with Bernanke driving works--but everyone loves the Timmy Mug.
Well this is Timmy with the fat finger accidentally hitting sell when the Dow was down 400....Nuclear explosion in the background. Hey, support ZH and buy the mug!
How come noone here is talking about the possibility of banks/HFT/crooks/Fed etc 'creating' this 1000 points drop while the news broke that Reid and others were open to auditing the Fed and breaking big banks up. Remember the first time the bailout ($700B) was initially rejected in senate and the market crashed some 800 points or so. After that the bill was passed, no questions asked (some 2 page bill). And just like then, the amendment is rejected so business should go as 'usual' tomorrow. Wall Street's got White House / Congress by the balls. Great game.....
That is certainly possible - but it will be damn hard to prove. In the real world - you know, in which you and I live, that theory is considered "tin hat" and will get you on Prozac faster than ... well, faster than a 500 pt drop in the DJI. :-)
the crash didn't help pass TARP.. the southern boys didn't give a shit.. but the extra $130 billion to buy 12 votes did..
Don't worry, nobody is hiding any news around here.If it warrants a discussion it will be mentioned.
Look around a bit more, I think it is pretty close to being the consensus opinion (at least among those expressing opinion on causation). FWIW I think that would precisely be the reason for today strange set of 'coincidences', along with a string of collateral benefits for the perpetrators.
I was thinking the same thing. The counter-argument is that the TARP situation blew up in the banks face because the October/November '08 crash immediately followed the 2nd TARP vote.
Are we about to get a one day massive bounce and then complete meltdown here too?
Dow futures went from -67 at 7:30 eastern to + 52 at 10:50 pm... coincidence? I think not... those fucking paid off cowards in CONgress.
The White House got to Bernie Sanders as well:
http://www.youtube.com/watch?v=7II2diHymv4
http://fdlaction.firedoglake.com/2010/05/06/bernie-sanders-changes-audit...
The DOW will be up by 999.01 points, tomorrow, based on this news.
I was thinking of a way the gov't could get the result it wanted with out doing any of the dirty work and thought why don't they just lay out a new requirements for FDIC insurance that takes effect in a year or two. Have those new requirements be Volker/Glass-Steagall like. In order for those banks to not have a flight of deposits they would spin off the investment bank portions on their own.
Or is this just retarded. Why does this have to be difficult?
It's not difficult that's the problem.
Todays market threat shook the flea's off the dog.
I think they will jam the markets tomorrow and the MSM will claim because of BLS report but the banks will do it to say, "See we control it"
Should I be surprised ?.
Nope.
I really dont care. They can trade itself into extinction [as they will].
The world has lost its beauty and value long ago. The rest is irrelevant.
Eloquently stated as usual Cheeky.
+1
True, that.
I feel like crying I actually am on the verge of literal tears. To see our own government show America and the global markets that they can remove the hand of churning liquidity in order to force political movements and effect the future of our country is nothing short of treason. This is treason and punishable by death. Like I said in my earlier post this sell off when it was only 200 was the result of financial reform only.
The Federal Reserve removed the only stability that is keeping the markets up in order to conduct psychological warfare and DICTATE POLITICAL POLICY. I do not ever ever want to hear a word uttered again about the independence of the Fed..They gave that up long ago and today when they showed that banking cartels are trying to hold the markets hostage in order to dictate legislation. This was planned and orchestrated and GS,JPM turned off the algos along with the Fed to pressure Sanders into not looking into FOMC operations.
This is the most angry I have ever been. November will be a rout for politicians and the fact that they believe we are too stupid to see that they can implement psychological warfare and then nullify ALL trades so that banks trading books are not impacted are proof that we need to move to break up big banks, ban HFT, audit the fed, restore a gold standard and seize all banks assets to be returned back to the American public.
Last night I donated $10.00 to Zero hedge and I am a modest man without much money but I take pride in knowing that these thoughts and sentiment of the individuals here and those that run this site are the MOST AMERICAN in thought of any I have ever had the pleasure to dialogue with. I hope that $10.00 can get you on your way to improved servers and I wish I had more to give because you make me proud and I want to inform you that you need to become more politically involved and link up with men like Dylan Ratigan so we can get this website into the mainstream. This is the hijacking of America and today confirms that their are no buyers and only computers and the Fed keeping assets up to prevent banks from taking further losses.
I am about to graduate this fall with a degree in finance and would prefer to volunteer my time interning for Zerohedge than any corporate thieving bank which prides itself on stealing this nations future in order to place this nation on the path to economic liberty. Americans are not stupid they are just temporarily distracted by the noise of media.
Shame on you politicians and let the final nail in regards to Ron Paul becoming the President in 2012 and Zerohedge our CNN of the 21st century. Oh the times ahh they are a changing. Let this be Zerohedges finest hour and day of validation. Swallow the red pill bitches
You're making me cry now.
Chiiiiilllll.....family, friends and good food are infinitely more important than all this shit. Someone needs to decompress....
Not when you see your family and friends devastated by these events. Not when you have a father who is a lifelong 9-5er in the operating engineers union who killed himself his entire life and drove a Toyota Tercel, worked 20 hours of overtime a week one summer when I was a child just to save for our down payment in the 1980's on a $95,000 home and in his spare time was going to night school for engineering and spending the rare hours off being a father and taking me to a museum, Met game or educating me on history only to see his 35 years of work and 401k savings routed by thieves who would eventually have many men like him forced into austerity measures because bankers lose bets they cannot pay and have the money created through no productivity to capture politicians.
Or my grandfather who worked as a teamster for 30 years and was able to support a family of 4 on one salary and own a beautiful home and drive a nice car to see him die the year of his retirement and not have my grandmother taken care of by a pension because of his untimely death. The middle class IS America. Cmon Blackbeard. I enjoy food and friends but this is serfdom. The super banks provide no contribution to the economy aside from the illusion they have concocted.
Ok John , now you got me crying..
Look, the system is 100% corrupt. Thats all you need to know and you can trust me on that fact. The fraud and corruption has ruined millions of lives...The system is doomed to fail, no way out now...
Damn, JM, put this in the ZH vault. Have you ever read Francisco's Money Speech from Atlas Shrugged? Your two eloquent posts are of that level, only real.
Agreed fellow swarmer. It's the real McCloy! Good stuff JM - telling it like it is.
TY. I learned much from reading your fellas prose combined with such an intricate knowledge of the financial markets. Many of you on here would make Mensa blush. A combination of sarcasm, dark humor, genius, common sense and morality? This is the finest community on the web. I have never read any of Rand's works but I will certainly pick it up sometime this month. I have been too busy reading about some of the few respectable President's in our history w/ Jackson & John Adams keep hearing Atlas Shrugged's praises.
I recently re-read Atlas Shrugged after having read it 25 years ago. It struck me that we now truly have a government of the looters, by the bankers, for the moochers.
I recently re-read Atlas Shrugged after having read it 25 years ago. It struck me that we now truly have a government of the looters, by the bankers, for the moochers.
I hear ya, I hear ya. It's just that you sounded so down and depressed that I just felt compelled to give you a "suicide is not an option" spiel.
Moving on: now is most definitely not the time to get too caught up with anger/depression/whatever. It's critical at this point that you put those emotions aside and use your energy to find solutions to yours and your family's current situation. You guys might be in a bad place right now, but if you calm down and think about it, you'll discover that you have more options that you thought.
Goodluck.
John,
I completely agree with you, except the crying part gave that up long ago. I came out of the Wall St. arena and was offered a position a couple weeks ago with a large money manager making a great amount of income but was told that I was to concerned for my clients and need to be more focused on what I can do for the bank. I told them thank you but none of you people have changed and it will all come crashing down. I thankfully have taken another position with a great company that will allow me to actually help business owners and not dole out bs about how great the markets are.
At any rate I am in your boat and am completely amazed but smile internally as this is everything I have been saying for years now and it happened almost to a "t" today. Will anything change, likely not soon, in some regards I wish Americans were more like Europeans in displaying their disgust by physical protest, but when 237 House members are millionares is it any wonder why things are the way they are?
They "understand and care" for us. Please.........
Ultimately God will punish all who deserve punishment, even though they have every chance to get out from under that coming punishment.
Yeah God forbid you enter this business because you want to assist the blue collars in actually "Investing" their money long term and being able to study a balance sheet, forecast growth, see a burgeoning growth sector based on earnings and not based upon accounting fantasy. In Wall Street 2010 we need to have a myopic point of view and be concerned about instant gains. This is unsustainable and we are placing our financial security on the guillotine block for that kind of ideology. Congratulations to you for having a moral compass. Most in finance left that in Honey & Milk 30 drinks ago.
My moral compass was leading me away from Wall St. a year ago when I started seeing the "fantasy" rules we were putting in place by the "hope and change" people.
It will end, I don't know when and where but it will.
There are a few things I am certain of in life, one is death, two my love for my wife and kids, and three this will all end.
And this will all end terribly as the bankers board the lear jets to Costa Rice, Cuba, Tel Aviv or any other non extradation country and leave us with debt to rebuild America. That is what I fear.
Don't fear that. That is when it will get exciting. When we can actually take back our country. Think about it, if you are married and your wife lost her job and only you were working what would you do? You would tighten the belt and make it work. You wouldn't spend beyond your means, it may not be fun but when you get to the other side and look back you'll know you can do it if it happened again and you'll be no worse for wear. You'll have learned valuable lessons about saving and spending habits.
The country is no different. If we were so fortunate that they left we would do the same, except my first presidential order would be to bomb those that jumped ship. LOL>
Cramer.. you of all people would know to then SELL SELL SELL your wife's ass on the street
I didn't say I wasn't. But then that opens a market and we like to get our tentacles around a market before we allow others, I mean help others into the market.
Good Man
These people are on worse than Osama bin Laden. Financial terrorists. Let them leave. We can always send the Special Ops teams on a "hunting" trip.
Keep your sanity and leave before you have kids and you're stuck. I am in the process right now. It's a bit of a pain, but it will be worth it in the end.
It is a total pain, but I have been sleeping so much better for the last month than I have in years. It is well worth it to leave. There are good people in the industry, but those are few and far between and almost never in the same room, which is the problem I had. When I looked around at the other uneducated ignorant brokers it disgusted me that they have managed to con Americans into "trusting" them with their money. My last firm I was at told me I needed to generate more commission or they were going to "let me go". I told them the market was a casino and was not worth the risk for the client. They said to bad, do it or else. I told them to F&*( Off and left. Ohh how great that feeling is because I know beyond a shadow of a doubt my clients didn't miss anything by not being in the "great new bull market" and that truth is starting to show as the lies start to fray at the ends.
Congrats on your new, worthwhile gig. I'd love to find something like that!
God will let the weeds grow up with the wheat, and then separate them at the harvest. The weeds will be burned. But, you have a choice as to whether you want to be wheat, or weeds.
Thanks. I have learned some interesting things, but the biggest being that he will always take care of me and my family if I'll let him.
The time of the harvest is coming.
Nice post john..I will say very proudy that I am joe 6 pack..But I like to read the site and read non watered information where then I can make my own mind up on what is right or wrong in my own mind..I do not trade, have never traded anything anywhere..I do not own gold, can not afford it.I have a wife thats on disability from a head on crash of a dui driver and 4 kids to feed..I do own 50 ounces of silver, thats not going to save me or break me no matter what happens.. So I dont really gain anything except knowledge, which makes me wealthy knowing I dropped out in the 8th grade.. I mised so much that I regret but this country is supposed to give folks a second go around, instead its a complete sellout!!!!Im not reading and learning to jump in a game, I am a carpenter and thats what I will always be..This is the only site I have ever enjoyed reading { what I do understand of it} that I feel that I am getting the truth from..
Sanders sold out, I supported audit the fed in the correct way..Thanks guys, please keep up the good work....
Scott
Scott,
Great feedback. It's people like you who become informed and tell a friend and they become informed and they tell someone and so on and so forth, this is how revolutions began. I have been reading zerohedge for a few years and just the shear number of people posting on here in the last 6 months tells me word is getting out. Keep looking up. I wish you the best for you, your wife and children.
Jeremy
Just to confirm what you are saying Jim...I have been a long-time reader of ZH, even before they changed the format of this website and moved from blogspot...This place has been one of my most trusted sources of information, but...I don't comment much....I am pretty sure there are quite a lot of people like me who read ZH, spread the word about it, but seldom comment here.
I am pretty sure if this place gets a critical mass of readers, then we will definitely be on the path to "change". Just my 2 cents...
Word.
How bout applying with the FBI to root out financial fraud on Wall Street?
With that passion, patch together a law degree and spend your life suing banks on behalf of the screwed. Just try to keep your head up and stay a step ahead of them. Their time is coming. This amendment was never gonna pass, the first time. There will be more. And, don't forget in past times when great issues and obvious issues could not be resolved by the legislature, they often were resolved in court. I don't see that being THE resolution here, but things happen, judges can get creative when this shit goes down. rock on john
you brought tears to my eyes, as well.
your so young and i apologize for this country to you.
keep your money young person and keep learning.
i have lots of money and donated a lot to ZH. and will so on a regular basis.
you need to feed yourself and be strong to help direct and lead us.
John. Sincerely. Please. You are not you're anger, you cannot have it, it's too much, let it be let it go.
Words are just words, limiting... I don't like them in truth. Let us cry awhile, in our cups, while we may, for there is a storm on the horizon for you and me brother.
Please listen to these songs, for they are what I mean to say, they are how your words make me feel.
The Beatles - Let It Be
http://www.youtube.com/watch?v=kEogJacjLTE&feature=related
John Anderson - Seminole Wind
http://www.youtube.com/watch?v=vdqBCdjU5XI
Montgomery Gentry - Something To Be Proud Of
http://www.youtube.com/watch?v=2TxzOYjLzuQ
I love you Grandad.... See you on the other side. I won't let you down.
(Tears)
Pull back then we'll resume.
Europe is going to force the equity market collapse and theres sweet f all the PPT can do about it.
The amazing part though has been watching Europe rally endlessly with our markets. HAHA!!!!!
Been checking the charts on the european exhanges and they havent been nearly as strong, they dont have a single concentrated power centre to juice their markets
* my comment "pull back then we will resume" shoud have read pull back from a little oversold then resume down.
Is there a roll call published anywhere on this vote?
I am sure there will be one if it hasn't been published, to bad you weren't tuned to CSPAN right?
I can't bear to watch those cockroaches at work--or whatever it is they do.
I can't bear to watch those cockroaches at work--or whatever it is they do.
Agree. I wonder if someone turned on the lights would they all scatter?
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm...
Did a search earlier when I heard that it was defeated, and was not happy when I saw that both of my senators had voted against it. Thought that there was more of an "independent" streak here in Texas. Guess not, at least where both of the current senators are concerned. Banking industry contributions speak louder than voters apparently. Hopefully voters will wise up and show both the door at the appropriate time (which can't come soon enough).
Storm the Federal Reserve? I mean, if the Greeks can do it...
Totally agree!!!! I was just saying that I wish Americans would respond like Europeans.
Can't take my free bus pass no way your gonna die b(*ch.
Imagining a 10 million man march on the fed building.... Now that would be righteous.
I hope everyone calls their Senators/Congressmen, and give them hell. Do not even speak on any conditional grounds. Just tell them how you feel. About everything. Take up their precious fucking time. They are supposed to have YOUR best interest at hand. And YES, they are ALL bought and paid for. BY US! We pay for them. Our brothers pay in their blood in Iraq, and our sisters on the street. Our grandparents at the hospital, and are sons in kindergarten. We all pay for them. They are OURS. Lets take this broken assed system back. Follow your heart. Riot, strike, protest, I do not care. But we MUST do something.
I will tomorrow, but shortly after I go to the first showing of Iron Man 2. LOL> Seriously that will be my afternoon "chore".
I did already send some scathing emails. Of course they can just block them, due to a "glitch"
I respectfully submit that we ignore the Senators and Congressmen. Instead, go park yourselves in their offices and ask their staffers how they feel about helping destroy the world for the mere pittances they're paid. The "elected" officials are paid too much, and live to well, to afford our pitiful concerns any thought.
The staffers, however, aren't fully bought and paid for. They are generally younger, and though they are probably equally as ambitious as the office-holders for whom they work, you're more likely to be able to reach them and effect some meaningful change. The only way out of this mess lies at the grass-roots level.
Moreover, phone calls and emails are easily ignored, but you'll be pleasantly surprised to learn how unsettling it can be for elected officials to see their constituents in their offices, demanding to be heard!
Full disclaimer: I opted for another course of action and, following my heart, left the US and moved to Asia. After two decades within the system (US military), it was the right choice for me.
I personally want to see 10 million converging on wall street and Washington D.C. Perhaps the Greeks are onto something.
Why is anyone surprised ? ..these clowns (aka Congress-people) have No aka ZERO aka Nada interest in any "issue" --they are simply a bunch of sociopaths trading power cards. And I agree - the wonderful part of democracy is poeple get what they deserve and the Obama -heads (and the Bushies as well) are in the process of getting it.
A couple more misdeeds by the major Banks and the Senate still has its hands clean -in th eyes of its benefactors.
Roll call here:
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm...
I'm looking for confirmation (a link) to the rejection of Brown-Kaufman.
Can anyone help?
Edit: Link posted, thx
This is par for the course. How much to buy you Bernie....?
I'm torn. I don't want to see this great nation go down the toilet and it is not too late to save it. But to do so is going to cost a lot of people a lot of heartache and economic loss. There is no way to overstate that. In the end, all that matters is God, family and friends, but we cannot hibernate and let this happen. There will be time to chill when the work is done.
"For our stuggle is not against flesh and blood, but against the rulers, against the authorities, against the powers of this dark world and against the spiritual forces of evil in the heavenly realms." Eph 6:12
"not against flesh and blood" - then it is against computers and a digital world
"against the rulers" - presidents and CEOs of multinational corporations
"against the authorities" - government officials (elected and appointed)
"powers of this dark world" - money, greed, envy, gluttony in a world dominated by power and influence
"spiritual forces of evil in the heavenly realms" - good men who have been turned to evil and given into the power of corruption; America, the once bright light of the world now turning to evil and led by evil men and women.
If Athens is a harbinger of anything, I would say there are a majority of senators who should make sure the guy in the Senate Barber Shop is not Sweeney Todd.
Senators best know how to kill and gut wild game, because as a result of what they've done, thats all anybody's going to be eating 2 years from now.
Transparency is nice and all, but when you figure that the Fed is not even an American institution, asking to see what they have been actually doing is like asking how ugly the guys were who raped your daughter. When the American people find out, they will make the Greeks look like they are playing kick the can.
No we won't. We are much too polite and civil, and we've been conditioned to accept stuff like this and turn the music up in our Lexus on the way home. Only when a majority finds that they are impoverished will anything like Greece happen here. Our Masters will spend every last penny to see that does not happen.
Citizen's Audit?
Makes me laugh to see legislation proposed to break up the banks that Washington created. This doesn't require legislation, this requires nonaction. As in, don't do anything and let the free market destroy these abominations. After, of course, removing the structures and funding that keep them alive.
Gold, guns, gardens...and chickens. Coop will be finished on Monday.
I hate to say it, but at this point I feel the only way to save the country is to let it crash and burn and then to rebuild on top of the ashes. Of course, I am assuming that we will learn something from this failure. Is that too much to ask for?
How about break up washington, put interior in n. dakota, defense in israel
Awesome, bank rally tomorrow, and I'm going massively short those pieces of shit. Game is over now.
I wonder if the stock market is going to drop 998 points just before the next vote in congress?
“Size is not the appropriate restriction,”
May 7, 2010
http://bit.ly/1ax9Pw
There is a much broader issue at stake here...
Since the topic is Legislation and Congressional nonsense, this might be of interest.
http://taxprof.typepad.com/taxprof_blog/2010/05/cnn-health.html
Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.
<snip>
The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, but also to corporations.
Taken together, the two seemingly small changes will require millions of additional forms to be sent out.
It could well be that this is the setup for the comming VAT pasage.
As the risk of being tasteless---and frankly I don't give a shit---perhaps some Greeks can forward the recipe for roasted bankers. Senators can make a good side dish, though they might be a little too greasy. Hey, they've forced this once democratic country to eat its young, or at least put them in indentured servitude, so turnabout---or is that rotisserie---is fair play.
I'm thinking Dimon Souffle or Junk Jamie (a taste of Jamaica), Pandit Vindaloo, Braised Blankfein, Paella Paulson and maybe a Timmay Tartar or a Bernanke Bouillabaisse. Buffet-style. All you can eat.
When you can't effect change from within the system, you either accept the system or work from the outside.
Working within the system has failed. It's past time to explore other options, including the one you've helpfully offered ;-).
Impromptu poll; answer to yourselves only. How many of us here have hurled verbal epithets at the well-deserving targets of our rage on the tv? How many of us have ever resigned ourselves to the fact that some people only understand a good blow to the solar plexus?
These people aren't afraid of legislation, regulation, lawsuits, lawyers, elected officials or their constituents. What's left? It's a question I pose to myself every single day. Sean Connery said that a little revolution now and then is a healthy thing, and he's Scottish, so he should know.
once again, I'll take the other side of the trade...
who is going to bid the spx tomorrow, when they "boyz" get together, squeeze the shorts and try to gun this dog of a market, the senate?
The only bills that get passed are bills where the feds get a piece of the voter -- think healthcare. Print some money, buy some votes. Break up the banks? Who is going to make an orderly market for all that Fed paper?
Its love hate
Get gold and innure yourself from the shrill braying of these Bankster/Govt jackals with their dirty snouts stuffed bloody and deep into the twitching corpse of the Republic.
"Going forward, I hope the Congress will work to strengthen the bill’s ban on proprietary trading by banks"
me too
Banking Dollars to the Lobby…
714 client(s) lobbied for specific issues containing the word 'bank' (See all)
Here's the Top 50 (by number of bank mentions)
· American Bankers Assn
· Federal Home Loan Bank
· National Assn of Realtors
· Credit Union National Assn
· Process Handler Et Al for Hire
· Brassell, Robert J Jr
· Estate of Robert James Brassell
· Bank of America
· Goldman Sachs
· JPMorgan Chase & Co
· National Assn of Federal Credit Unions
· Securities Industry & Financial Mkt Assn
· Self Help Credit Union
· Independent Community Bankers of America
· Loews Corp
· Morgan Stanley
· Mortgage Bankers Assn
· Estate of Delois Albert Brassell
· HSBC Holdings
· Citigroup Inc
· US Chamber of Commerce
· Delta Airlines
· UBS AG
· United Services Automobile Assn Group
· ACA International
· Consumers Union of the US
· Council of Federal Home Loan Banks
· Credit Suisse Group
· National Assn of Bankruptcy Trustees
· Delphi Corp
· National Assn of Home Builders
· Financial Services Roundtable
· International Council of Shopping Cntrs
· Advanta Corp
· Deere & Co
· National Cooperative Bank
· US Public Interest Research Group
· American Council of Life Insurers
· American Veterinary Medical Assn
· Clearing House Payments Co
· GMAC LLC
· Principal Financial Group
· American Insurance Assn
· Cerberus Capital Management
· Coalition for Employment Through Exports
· Zions Bancorp
· Ameriprise Financial
· General Motors
· Air Line Pilots Assn
· Arab Bank
Another delusional politician. Starting from nowhere? The current context has been, is and will be the most prospitious context for decades to 'spark' a 'national debate' on this topic.
Get real, buddy, you had a fabulous opportunity but too big to fail banks are too big to fail thanks to the services they provide. The US cant do without it.
The Banks are using profits to pay for their Lobby? not the 0% Fed Window?
http://www.wired.com/threatlevel/2009/08/bank-lobbyists/
**** "In the first three months of 2009, the financial sector spent $104.7 million to lobby Congress and the administration, down 8% from the same period last year" ****
http://online.wsj.com/article/SB124640640747376775.html
So that I am clear... 2008 was a vintage year for Banks? they made soooooooooooooooooooooo much money on 2008 that in the first 3 months of 2009... they could drop $104.7 MILLION DOLLARS?
http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008
Who needs the little guy with...
Data on the five-fold growth of derivatives to $516 trillion in five years comes from the most recent survey by the Bank of International Settlements, the world's clearinghouse for central banks in Basel, Switzerland. The BIS is like the cashier's window at a racetrack or casino, where you'd place a bet or cash in chips, except on a massive scale: BIS is where the U.S. settles trade imbalances with Saudi Arabia for all that oil we guzzle and gives China IOUs for the tainted drugs and lead-based toys we buy.
? U.S. government's maximum legal debt is $9 trillion
? U.S. mutual fund companies manage about $12 trillion
? World's GDPs for all nations is approximately $50 trillion
? Unfunded Social Security and Medicare benefits $50 trillion to $65 trillion
? Total value of the world's real estate is estimated at about $75 trillion
? Total value of world's stock and bond markets is more than $100 trillion
? BIS valuation of world's derivatives back in 2002 was about $100 trillion
? BIS 2007 valuation of the world's derivatives is now a whopping $516 trillion
http://www.marketwatch.com/story/derivatives-are-the-new-ticking-time-bomb?pagenumber=2
And.... of course the lobby is very well funded... NOT the little guys Lobby of course... the multiple hundred Trillion dollar derivatives Lobby, is well funded... read below (as a start for most of you I hope).
If Gensler were to get his way, "all transactions in standard contracts" would "be required to be conducted on regulated trading facilities or exchanges."
The House passed a bill on December 11 that would increase transparency somewhat but that does not, in Gensler's view, go far enough. He charges that lobbyists from the Chamber of Commerce and the National Association of Manufacturers managed to keep end-user exemption. He proclaimed, "Corporate America is on one side of the debate, I’m on the other." But he also proclaimed that "It is the Wall Street banks that benefit from the so- called end-user exemption from transparency, not the businesses that use derivatives," which would seem to indicate that he has a different idea of what's good for business than the people who run said businesses.
This is a situation where the American public has no position on the issue — indeed, the vast majority have no idea there even is an issue — and in which the interested parties will therefore dominate the debate. Given the way our system works, it appears Corporate America will get their way, at least for now. They've moderated the House bill and it's virtually inconceivable that the Senate will move it further in Gensler's preferred direction.
http://www.acus.org/new_atlanticist/derivatives-market-20-times-size-american-economy
So... Little guy's or main street... nothing but Tax Bills and big boys... who use our tax dollars to lobby against us... winning and winning big... Thank God the Sheepeople have been dumbed down and cannot grasp what is going on!
Here's the roll call. What would be effective is mail from the constituents of all those voting "nay" saying that those good senators will not be receiving votes in the next election. Won't work on Dodd, of course - he's retiring.
http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm...
MAY 1st:
"The weekly DOW chart shows an expanding wedge indicating a significant move is probable... this remains an overbought bear market rally and the uptrend could falter at any time.
http://www.zerohedge.com/forum/latest-market-outlook-0#comment-326767
I'm fully aware my country is an oligarchy, but what's somewhat shocking is how long the build-up to populist spillover is taking--and I'm not talking about Tea Party derp-a-derps. The political blowback--for both parties--will be massive when the breaking point finally occurs, but it's hard to see a way out at the moment other than to just blow it up and start over. Honestly, I'd be more outraged but it's hard to know what exactly to be outraged about, as there are simply so many indignities being shoveled upon our heads at the moment. Between corporations forgetting what the sole purpose of a corporation is; and an electoral system both in the US and Europe that has forgotten its duty to the people (this has always been somewhat more flexible, but cut me some slack), there's simply no real popular representation or comprehension of what's transpiring. It is 11:25 AM, and I feel the urge to drink heavily.
The US Stock market DESERVES to collapse. Yesterday's crash was one of the happiest moments of my life.
Interesting that the break up proposal comes after the Dow drops 1,000. points. Looks like the Congress got the message (threat).
Posted May 1st - a week before the crash.
'11,250 / 300 is an area of significant resistance and if this level can’t be breached it should signal the end of the March 2009 bear market rally - the weekly DOW chart shows an expanding wedge indicating a significant move is probable - this remains an overbought bear market rally and the uptrend could falter at any time - the VIX index continues to give bullish warnings which is bearish for equities - long term charts of key equity indexes continue to give bearish warnings and the March 2009 lows will be breached in my opinion - USD Index bullish warnings since 2009 on the weekly and monthly chart have not changed and further USD strength and thus EURO weakness is still expected '
http://www.zerohedge.com/forum/latest-market-outlook-0
http://stockmarket618.wordpress.com