Final vote 237 to 192.
We will shortly bring you the roll call of those who have convincingly sold out to Wall Street
Surprised? Don't be. The congressman from Fannie Mae is only doing what is in his best interest. Not in that of America, mind you. But his own? Absolutely. Presumably the bill will now have enough votes to pass. Barney also saying TARP funds, so generously provided originally by taxpayers, will be used to fill funding holes instead. End result: B.F. and Wall Street 1; America, and highly intelligent electorate who votes Frank into office year after year 0.
Barney Frank Brings Additional Unclarity On The FinReg Scam, Punts Again On All Fannie/Freddie QuestionsSubmitted by Tyler Durden on 06/25/2010 18:22 -0400
In case you just can't get enough of of Barney Frank simply oozing truth, integrity and unbribable honesty (in other words, everything that defines the American Congressional way) in every interview he does, this Bloomberg TV clip is for you. It is also for everyone else who would rather not read the 2,000 pages of FinReg reform yet wants to get some sense if they will be sued next Monday for lifting a 5MM offer of UK CDS. Overall, Barney mumbles about this and that, discusses whether the bill will make banks less profitable (it won't), clarifies the 3% loophole for JPMorgan's investment in Highbridge, notes the surprising $19 billion bank levy, yet runs like a scolded schoolgirl the second Fannie and Freddie (also known as the one biggest disaster of his career, and the only thing he will be remembered for) are mentioned. "My Republican colleagues like to forget the fact that during the 12 years they controlled Congress, they did nothing about Fannie Mae and Freddie Mac. When the Democrats took power in 2007, we passed a bill that gave them the power to put them into conservatorship. Fannie Mae and Freddie Mac today are not what they were, thanks to a bill passed by a Democratic congress…They are in conservatorship. The notion that we haven't done anything is a lie, and they know that." The more important thing Barney, is that the American are fully aware that any pretense of reform coming from you is a lie, and they most certainly know that.
... to Johns who have insatiable lusts.
Finally The Farce That Is Fin Reg Reform Passes And Wall Street Can Resume Its Rapid March To Financial ArmageddonSubmitted by Tyler Durden on 06/25/2010 08:03 -0400
As if anyone thought otherwise, the final shape of finreg has now been formalized and as Shahien Nasiripour at the Huffington Post notes, "many of the measures that offered the greatest chances to fundamentally reshape how the Street conducts business have been struck out, weakened, or rendered irrelevant." Congrats, middle class, once again you get raped by Wall Street, which is off to the races to yet again rapidly blow itself up courtesy of 30x leverage, unlimited discount window usage, trillions in excess reserves, quadrillions in unregulated derivatives, a TBTF framework that has been untouched and will need a rescue in under a year, non-existent accounting rules, a culture of unmitigated greed, and all of Congress and Senate on its payroll. And, sorry, you can't even vote some of the idiots that passed this garbage out: after all there is a retiring lame duck in charge of it all. We can only hope his annual Wall Street (i.e. taxpayer funded) annuity will satisfy his conscience for destroying any hope America could have of a credible financial system.
Barney Frank Wants To Have Banks And Hedge Funds Pay For Assistance For Homeless Jobless; Fund Next StimulusSubmitted by Tyler Durden on 06/23/2010 14:28 -0400
Just out from Reuters: Barney Frank has introduced the Frank Bank Levy Proposal, which would tax banks with more than $50 billion in assets, and hedge funds with more than $10 billion, and use the money to fund $4 billion for neighborhood assistance and foreclosure help for the jobless with good credit. In other words, big banks and hedge funds will be funding Obama's next stimulus for his core constituency.
Members of the
House-Senate Conference Committee on financial regulation are meeting
for a third day of deliberations on the Restoring American Financial
Stability Act of 2010. As part of the offered modification language which we discussed yesterday, the Committee today will focus to do all it can to eliminate any and every Fed-unwelcome initiative as part of the audit the Fed provision in the Congressional version of the Fin Reg bill. All those who want to see how corrupt politicians destroy any chance of fair and effective financial regulation are encouraged to tune in and focus their attention on Barney Frank.
Barney Frank has released the House "offer" language on various issues to be discussed tomorrow during the House-Senate Conference Committee, which will convene at 11am in Rayburn Room 2128. While some of the items on the docket relating to Investor Protection and Executive Compensation, are largely irrelevant, Barney will also discuss such critical issues as the Fed Audit, the Fed's emergency lending power, and Foreign FX swaps. Ignoring that 80% of the S population demand an end to fed secrecy, the just released proposed language also appears to peddle exclusively to Bernanke and his Wall Street superiors, in that items under debate for the audit will not include monetary policy, and it will be America's sad fate to extinguish under a 0% interest rate, never knowing how such lunacy can have come to be, until such time as the banking system blows itself up once again. This way the American public will never know whether someone like Goldman Sachs (in addition to Jerome Kerviel) has had any influence in determining monetary policy.
What are they doing down in D.C.? Nothing helpful.
Just because nobody can possibly get enough of listening to Barney Frank steamroll his opposition with irrefutable logic, here is a link to a C-SPAN video of the debate over how to make Chris Dodd's already toothless bill lose its dentures, just so the President can declare victory over TBTF only to have to bailout Citi all over again in less than a year.
Our earnings are robust, our compensation has returned to its naturally high levels and, as a result, we have very nearly regained our grip on the imaginations of the most ambitious students at the finest universities — and from that single fact many desirable outcomes follow. Thus, we have almost fully recovered from what we have agreed to call The Great Misfortune. In the next few weeks, however, ill-informed senators will meet with ill-paid representatives to reconcile their ill-conceived financial reform bills. This process cannot and should not be stopped. The American people require at least the illusion of change. But it can be rendered harmless to our interests. - From Wall Street's Man In Washington
FCL, PCL, MSL: Why The IMF's Alphabet Soup Of Rescue Facilities Means Much More Sovereign Pain To ComeSubmitted by Tyler Durden on 05/28/2010 11:48 -0400
In early April, we noted that the IMF was preparing for something big when we observed that the IMF was launching a new credit facility, the New Arrangements to Borrow, with $550 billion in total commitments (of which the US was at the top in terms of funding responsibility). Incidentally this was before the Greek parliament storming led 2 year spreads to jump to 20%+, and the announcement of the biggest bailout in history by the EU, and came at a time when the IMF's rescue contribution was expected to be a paltry $10 billion, only to end up well north of $200 billion. Indeed, the IMF knew all too well what was coming. And judging by what the IMF is doing behind the scenes with its new alphabet soup of rescue facilities, things are about to get much worse once in the sovereign arena yet again.
Matt Taibbi coined the phrase of 2009 with Great Vampire Squid Wrapped Around The Face Of Humanity
Here is his submission for 2010: Ben Bernanke = The Fed's Goblin-in-chief
The other perspective: "The US Senate has passed its version of financial regulatory reform that will include serious changes, some expected, some not, specific to the OTC derivatives market. The passage of this bill will lead to a compromise bill created jointly by the House and Senate and ultimately President Obama signing it into law before 4th of July barbeques are under way. Although its contents are questionable, getting the bill out of the Senate is a good thing as the Hill will finally be removed from the Street. But as we’ve learned during the entire, multi-year reform process, the devil is really in the details and unfortunately many of the details continue to be a bit hazy. At last check, there were 434 proposed amendments to the Senate bill. Most of these amendments will fall by the wayside now as the Senate was anxious to move the process along, but sorting out and knowing what’s in, what’s out and what replaces what may well require a gaggle of Congressional staffers. Even with the final text made clear, most of us at TABB Group are left trying to decipher the “spirit” of the law."
On the 5th of March in 1946, in Fulton Missouri, at Westminster College, Winston Churchill delivered an address (since christened the "Sinews of Peace") lamenting the burgeoning power and influence being slowly but surely gathered up by the Soviet Union. Perhaps the address will be familiar to some of you owing to its most famous passage....