• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Tim Pawlenty To Head TBTF Lobby Group

Tyler Durden's picture


GOP presidential candidate drop out Tim Pawlenty, who until recently was considered a top VP running mate candidate for Mitt Romney, has shown his true colors, and has become the head of the Financial Services Roundtable, a U.S. bank lobbying group that represents JP Morgan Chase & Co and Wells Fargo & Co , among other financial companies, the group said on Thursday. This is also known as the TBTF consortium. From Reuters: "Pawlenty, who dropped out of the White House race early and quickly backed Mitt Romney for the nomination, takes over as president and chief executive office of the industry group on Nov. 1, it said in a statement. As the industry's top lobbyist, he will play a major role in the industry's efforts to make new Dodd-Frank rules, which Congress passed in 2010 in response to the 2007-2009 financial crisis, more favorable for Wall Street as regulators implement the law. The measure - a response to the crisis fueled by risky financial swaps trading at some firms that required multibillion-dollar tax payer bailouts - has yet to be fully enacted. "Few industries have more impact on the entire economy - and on the lives of average Americans - than financial services. I realize there is still work to be done to continue to earn customers' confidence," Pawlenty said in the statement. "Our members will best accomplish that goal by responsibly investing every day in our communities and job creators," he added."

None of this hopefully comes as a surprise. After all Pawlenty's primary donor group was Wall Street:

However, when compared to Chuck Schumer, we doubt that had Tim Pawlenty told the Chairman to "get to work" he would have gotten quite the same spirited response.

Perhaps instead of engaging in meaningless "he said, she said" theater, the US political system can finally reply to one simple question: just whose interests does it represent?

It certainly is not "the people's"

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Thu, 09/20/2012 - 09:49 | 2814713 Bazinga
Bazinga's picture

And is anyone here surprised?

Thu, 09/20/2012 - 09:54 | 2814740 GetZeeGold
GetZeeGold's picture



Send Lawyers, guns, and money.


Hold the lobbyists.



Thu, 09/20/2012 - 09:57 | 2814757 Harlequin001
Harlequin001's picture

'"Our members will best accomplish that goal by responsibly investing every day in our communities and job creators," he added."'

whilst we tax the poor buggers to death...

Thu, 09/20/2012 - 10:03 | 2814792 krispkritter
krispkritter's picture

'No one could have seen this coming...'

Thu, 09/20/2012 - 11:35 | 2815099 redpill
redpill's picture

Hopefully he isn't any better at lobbying than he is at running for President.

Thu, 09/20/2012 - 10:12 | 2814794 Precious
Precious's picture

... and Ron Paul heads the WTF group.

Thu, 09/20/2012 - 11:32 | 2815086 YouAreBliss
YouAreBliss's picture

Put Romeny in there and see what happens.

Forget the 47% it's all about the .00001% - Jaime, Lloyd, Dick, Brian and Bob (say hello to your true masters)

Thu, 09/20/2012 - 09:50 | 2814719 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Tyler, so what you're saying is, the insolvent Wall St. banks are buying off the politicians with taxpayer funds?

Sounds about right to me; Carry on.

Thu, 09/20/2012 - 11:34 | 2815093 YouAreBliss
YouAreBliss's picture

And Jamie says - "that's how it's gonna be - so get over it"  Now back to the mines!

I need a larger Gold Throne.

Thu, 09/20/2012 - 09:51 | 2814724 pemdas
pemdas's picture

He sees the handwriting on the wall.  Only 4% more and the 47% will rule the country. Regulation pedal to the floor!!

Thu, 09/20/2012 - 10:43 | 2814953 Urban Redneck
Urban Redneck's picture

You don't appear to get it, the Redistributionist-in-Chief signed his name to Dodd-Frank.  The 47% or 51% are SLAVES to their ideological masters.  They will not benefit from the tipping of an artificial balance scale.  ZIRP is required to maintain the ponzi for the masses, which creates inflation which sucks the wealth from those masses, meanwhile the FED hands out free $ to the TBTF bank license holders in exchange for their phantom assets to make up for inflation that that the FED is fucking everyone else with.  More regulation won't fix this, and it won't be designed to.  The holders of banking licenses rule the FED which controls the country and decides on the flow wealth.

Thu, 09/20/2012 - 10:58 | 2814993 kridkrid
kridkrid's picture

Nice post. Regulation is a red herring. The "problem" can't be fixed. The system, as it was designed, can only survive until the cost to maintain debt overwhelms the real economy that exists inside the financial Ponzi scheme. If half the people believe that a lack of regulation has destroyed this "thing" and the other half believe that it is regulation that has destroyed it, then the real conversation that should be happening, "what is the very nature of our monetary system" doesn't have to happen and thus hides the true nature of the oligarchs...Blood sucking parasites.

Thu, 09/20/2012 - 11:40 | 2815115 samsara
samsara's picture

"...can only survive until the cost to maintain debt overwhelms the real economy..."


"The illusion of freedom [in America ] will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater." ~Frank Zappa
Thu, 09/20/2012 - 11:49 | 2815143 Overfed
Overfed's picture

Ol' Frankie was spot on with that observation. We're fast approaching the crossing of the Rubicon, and nobody seems to know or care.

Thu, 09/20/2012 - 11:37 | 2815103 YouAreBliss
YouAreBliss's picture

This GOP is such a fucking bunch of hypocrites!!

Thu, 09/20/2012 - 11:45 | 2815130 mccoyspace
mccoyspace's picture

"ZIRP is required to maintain the ponzi for the masses, which creates inflation which sucks the wealth from those masses, meanwhile the FED hands out free $ to the TBTF bank license holders in exchange for their phantom assets to make up for inflation that that the FED is fucking everyone else with....  The holders of banking licenses rule the FED which controls the country and decides on the flow wealth."

A year and a half of ZH reading synopsized in 2 sentences. Well done!

Thu, 09/20/2012 - 11:18 | 2814729 otto skorzeny
otto skorzeny's picture

my fave-"Pro-Israel"- kind of says it all. It pays well to be a congressional whore to AIPAC's pimp. I'm glad my kids are way too young to be drafted to fight the yids' wars.

Thu, 09/20/2012 - 09:52 | 2814730 q99x2
q99x2's picture

This is not fair but a whole list of politicians and their largest contributors would be nice to pass out at the voting locations.

Thu, 09/20/2012 - 10:36 | 2814913 kridkrid
kridkrid's picture

Kind of like a nutritional label, no? If you knew what your candidate was made of, you might make different choices. Of course in our single party system of r vs d, the choice is between a ding dong and a ho-ho. Same ingredients, different packaging.

Thu, 09/20/2012 - 11:53 | 2815155 Nobody For President
Nobody For President's picture

Fair? Hell, it ain't even legal...

Thu, 09/20/2012 - 09:53 | 2814734 JailBank
JailBank's picture

Have these guys got together yet to pick the next president yet? I would like to know the outcome of the election before Halloween if possible.

Thu, 09/20/2012 - 09:53 | 2814735 LongSoupLine
LongSoupLine's picture




Thu, 09/20/2012 - 09:53 | 2814737 disabledvet
disabledvet's picture

And Minnesota says PHUCK YOU TOO New York!

Thu, 09/20/2012 - 09:55 | 2814744 Everybodys All ...
Everybodys All American's picture

I thought for sure it would be Corzine.

Thu, 09/20/2012 - 12:41 | 2815307 XitSam
XitSam's picture

Nah, Corzine is too busy vaporizing his new hedge fund.

Thu, 09/20/2012 - 10:00 | 2814751 FubarNation
FubarNation's picture

Traitor to the Republic. 


I don't think there is a solution to the banks anymore.  If you Nationalize them then we the people are on the hook for all their fucking around.


Perhaps we just let them fail.  Pick up the peices and start over.  National bank that takes over the Fed as well.  Contstitutional money creation under control of Congress like the Founders wanted.



Thu, 09/20/2012 - 10:07 | 2814808 Dr. No
Dr. No's picture

Greenbacker huh?  What makes you think CONgress issue more stable money than the FED?

Thu, 09/20/2012 - 10:42 | 2814944 kridkrid
kridkrid's picture

Or don't issue a monopoly on the creation of money... To anyone or any entity. It's a peculiar thing how we easily recognize the abusive nature of unearned monopolistic power, yet so freely assume it to be the natural state of "money".

Thu, 09/20/2012 - 09:57 | 2814760 fuu
fuu's picture

Tim Pawlenty is a wimpy talent, a limp twenty if you will.

Thu, 09/20/2012 - 11:12 | 2815028 OneTinSoldier66
OneTinSoldier66's picture

Like Alanis Morrisette would say, his (hand)shake is like a fish.

Thu, 09/20/2012 - 09:57 | 2814761 docj
docj's picture

And the wheels on the bus go 'round and 'round...

Thu, 09/20/2012 - 09:59 | 2814771 Chippewa Partners
Chippewa Partners's picture

MN will take it in the ass like every other state.   This will allow the banks to enable the FARMERS to keep taxpayer money rolling in with record crop prices.

Tom Daschle of ethenol fame is still one of the biggest scum in America. 


Thu, 09/20/2012 - 10:04 | 2814795 Dr. No
Dr. No's picture

recently I learned chemical plants can covert natrual gas to ethenol for about $1.50 a gallon or better.  However, it is ILLEGAL to sell this ethenol in the US and therefore they export all of it.

Thu, 09/20/2012 - 10:39 | 2814928 FubarNation
FubarNation's picture

Drip gas can be taken right from the well and put in your gas tank.   There are drip gas bandits that roam wells for this.

Thu, 09/20/2012 - 10:43 | 2814946 Manthong
Manthong's picture

What area?

I'm thinking of relocating.

Thu, 09/20/2012 - 10:46 | 2814958 Dr. No
Dr. No's picture

I will look into this.  My dream is to install an old school diesel into my truck.  Burn drain oil, vegi oil, diesel, and now drip gas.  woot!

Thu, 09/20/2012 - 11:40 | 2815114 YouAreBliss
YouAreBliss's picture

Don't forget old GAS BAG (R) Grassley - never saw a socialist farm subsidy he didn't like.

Thu, 09/20/2012 - 10:01 | 2814783 Number 156
Number 156's picture

And Romney says that 47% of people are dependent on government handouts, TBTF corporations are the largest of all welfare recipients.

Thu, 09/20/2012 - 10:05 | 2814802 krispkritter
krispkritter's picture

Congress is the biggest of all Corporate 'Welfare' recipients...

Thu, 09/20/2012 - 10:43 | 2814950 RSloane
RSloane's picture

Plus 100 if I could to you, Krisp, they are indeed welfare queens, every single one of them.

Thu, 09/20/2012 - 10:01 | 2814784 Dr. No
Dr. No's picture

Big mistake.  Need someone with some more back bone than minnesota nice.  Although, just about anyone could walk into a meeting, plop down a "I represent JPM" and immediatly be the strongest guy in the room.

Thu, 09/20/2012 - 10:43 | 2814932 SubjectivObject
SubjectivObject's picture

I have first hand experience about this, and you may be informed that in that when is comes to politics and the corpratist oligarchy, Minnesota Nice is merely an euphamism for Minnesota Stupid.  Pawlenderswhore is not stupid, he's evil.  What's stupid is who put him there.

Thu, 09/20/2012 - 10:02 | 2814789 the not so migh...
the not so mighty maximiza's picture

What a man whore

Thu, 09/20/2012 - 10:12 | 2814827 Arnold Ziffel
Arnold Ziffel's picture

This stuff gives meaning to Nietzsche's phrase, "God is dead."

Thu, 09/20/2012 - 10:13 | 2814831 Schmuck Raker
Schmuck Raker's picture

NJ Governor, MN Governor....SSDD.

Thu, 09/20/2012 - 10:16 | 2814844 “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

I hope he has an office in Benghazi.

Thu, 09/20/2012 - 10:17 | 2814848 Jim in MN
Jim in MN's picture

He won't last.  I know this sounds hard to believe but he is actually too honest for this bunch of fuckfaces.

He will, however, last long enough to pay his debts off before moving on to think tanks, universities etc.

2 years absolute tops.  And that will be a struggle.

Thu, 09/20/2012 - 10:40 | 2814929 Manthong
Manthong's picture


Is that like "She's a good girl and she's only hooking and doing porn long enough to pay off the student loans."?

Thu, 09/20/2012 - 10:25 | 2814878 spanish inquisition
spanish inquisition's picture

He can take all the experience screwing over MN that he did to propel him to the national stage and now work on screwing over the country. Mr accounting shift/ raising fees not taxes is more dangerous than most, because he is in a cute little aw shucks package.

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