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Thread: Wall Street is writing its own regulation bill

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    Wall Street is writing its own regulation bill

    Bank lobbyists have a direct influence on financial legislation drafted in Congress, and are in some cases even writing the measures themselves. Citigroup this month drafted a regulation bill that has already passed through a House committee.

    Lobbyists working for Citigroup Inc., a multinational financial services corporation, wrote 80 percent of a regulation bill that was approved by the House Financial Services Committee this month. Citigroup wrote 70 lines of 85-line bill, which exempts “broad swathes of trades” from new regulation, the Times reported based on e-mails it obtained.
    Two paragraphs of the bill were copied “nearly word for word” from what Citigroup drafted. The only difference between the versions were two words, which lawmakers changed to make plural.

    The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in 2010, inflicted heavy financial regulatory reform following the most recent recession. The bill was pushed into law by Democrats, but now, both Democrats in the House and Senate are siding with bank lobbyists to roll back parts of the regulation overhaul.
    The bill drafted primarily by Citigroup this month was starkly opposed by the Treasury Department, but easily made it through the House Financial Services Committee, the Times reports. MapLight, a nonprofit group that analyzes campaign finance records, found that lawmakers who supported Wall Street’s legislation received twice as much in contributions from financial institutions than those who opposed such measures, which appears to indicate that lawmakers’ support can be bought.


    Read more @: Wall Street is writing its own regulation bill ? RT USA

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    Enjoy the plutocracy. This country is literally being purchased and literally allowing corporations and banks to run the show. This is sickening.


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    Re: Wall Street is writing its own regulation bill

    I didn't think any of them could actually write.
    Either I'm right or you're wrong.

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    Re: Wall Street is writing its own regulation bill

    Why is our President not speaking out about this and warning the citizenry? Is this not his job to protect us by exposing this blatant corruption in the houses of congress? Surely he is not benefitting so why the reticence?

    I've never forgive Bush for not speaking up when by 2004 housing was obviously at insane and unsustainable price levels. The most influential man in America kept quiet.

    Seems to me Obama should be on his bully pulpit. He can't force congress to do anything but he can make them squirm through public indignation if he's any kind of a real leader.

    Or am I wrong? Do I judge too harshly? Is someone else to blame?






    Quote Originally Posted by TheDemSocialist View Post
    Read more @: Wall Street is writing its own regulation bill ? RT USA

    Welcome to:

    Enjoy the plutocracy. This country is literally being purchased and literally allowing corporations and banks to run the show. This is sickening.
    [/FONT][/COLOR]

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    Re: Wall Street is writing its own regulation bill

    Quote Originally Posted by specklebang View Post
    Why is our President not speaking out about this and warning the citizenry? Is this not his job to protect us by exposing this blatant corruption in the houses of congress? Surely he is not benefitting so why the reticence?

    I've never forgive Bush for not speaking up when by 2004 housing was obviously at insane and unsustainable price levels. The most influential man in America kept quiet.

    Seems to me Obama should be on his bully pulpit. He can't force congress to do anything but he can make them squirm through public indignation if he's any kind of a real leader.

    Or am I wrong? Do I judge too harshly? Is someone else to blame?
    I believe our whole government is to blame. Im sure there will be a few representatives in congress that will speak out but dont expect anyone else to speak out.


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    Re: Wall Street is writing its own regulation bill

    Enjoy the plutocracy. This country is literally being purchased and literally allowing corporations and banks to run the show. This is sickening.
    So, I'm asking if Obama should speak up. I think you didn't answer my question yet. It's fairly specific.

    Why is our President not speaking out about this and warning the citizenry? Is this not his job to protect us by exposing this blatant corruption in the houses of congress? Surely he is not benefitting so why the reticence?

    I've never forgive Bush for not speaking up when by 2004 housing was obviously at insane and unsustainable price levels. The most influential man in America kept quiet.

    Seems to me Obama should be on his bully pulpit. He can't force congress to do anything but he can make them squirm through public indignation if he's any kind of a real leader.

    Or am I wrong? Do I judge too harshly? Is someone else to blame?










    Quote Originally Posted by TheDemSocialist View Post
    I believe our whole government is to blame. Im sure there will be a few representatives in congress that will speak out but dont expect anyone else to speak out.

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    Re: Wall Street is writing its own regulation bill

    Quote Originally Posted by specklebang View Post
    So, I'm asking if Obama should speak up. I think you didn't answer my question yet. It's fairly specific.
    Should he speak up? Absolutely! But will he? Doubtful. Very doubtful.


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    Re: Wall Street is writing its own regulation bill

    So he must be on the take as well. How disappointing. Wouldn't it be great to see a President that was for the people and against the bankers?



    Quote Originally Posted by TheDemSocialist View Post
    Should he speak up? Absolutely! But will he? Doubtful. Very doubtful.

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    Re: Wall Street is writing its own regulation bill

    Quote Originally Posted by specklebang View Post
    So he must be on the take as well. How disappointing. Wouldn't it be great to see a President that was for the people and against the bankers?
    Absolutely would. But i think the last time that happened was in the 40's.


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    Re: Wall Street is writing its own regulation bill

    Health insurance industry got to write one, now it's Wall Street's turn.

    "appeared to indicate" that you can buy politicians? No ****.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Wall Street is writing its own regulation bill

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: Wall Street is writing its own regulation bill ? RT USA

    Welcome to:

    Enjoy the plutocracy. This country is literally being purchased and literally allowing corporations and banks to run the show. This is sickening.
    [/FONT][/COLOR]
    An inevitable consequence of statism.

    The government needs more power to regulate the corporate controlled government needs more power to regulate the corporate controlled government needs more power.....

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