General Discussion

dixiegrrrrl

(60,010 posts) Sun Dec 21, 2014, 05:49 PM Dec 2014

Want to really know how that watered down bank reform got in the CRomnibus? Here's the ugly truth.

Long piece, but essentially says Centrist Dems. voted for it, liberal Dems were ignored, and not very many Dems even knew what was in the bill.
Reid was in over his head, and it was a Dem. congressman, formerly a Goldman Sachs guy, who wrote the key giveaways.

"First of all, it’s worth mentioning that the CRomnibus was a horrible bill even without weakening Dodd-Frank. It was loaded with favors to wealthy and well-connected special interests, and its very existence, as a must-pass, short-term budget bill larded up with unrelated policy riders that will last forever,
sets a dangerous precedent for the future."
http://www.salon.com/2014/12/16/inside_wall_streets_new_heist_how_big_banks_exploited_a_broken_democratic_caucus/

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Want to really know how that watered down bank reform got in the CRomnibus? Here's the ugly truth. (Original Post) dixiegrrrrl Dec 2014 OP

Who's the Dem congressman that wrote it? Just for Fun Dec 2014 #1

As the article says......... dixiegrrrrl Dec 2014 #3

Very informative article about the nuts and bolts of the process. Jim Lane Dec 2014 #2

Just for Fun

(149 posts)

1. Who's the Dem congressman that wrote it?

Reply to dixiegrrrrl (Original post)

Sun Dec 21, 2014, 07:01 PM

Dec 2014

Last I heard, it was Kevin Yoder (R-KS)

dixiegrrrrl

(60,010 posts)

3. As the article says.........

Reply to Just for Fun (Reply #1)

Sun Dec 21, 2014, 07:32 PM

Dec 2014

A bipartisan coalition, including Jim Himes, D-Conn., a former vice president at Goldman Sachs, introduced a host of bills to weaken derivatives rules as far back as 2011.

Jim Lane

(11,175 posts)

2. Very informative article about the nuts and bolts of the process.

Reply to dixiegrrrrl (Original post)

Sun Dec 21, 2014, 07:31 PM

Dec 2014

As for the role of a Democratic member of Congress, the article identifies Jim Himes, D-Conn., who, it states, is a former vice president at Goldman Sachs. He was one of those who's been pushing stand-alone bills that would weaken the regulation of derivatives. The stand-alone bills got nowhere, which is why this provision was included in the extortion CRomnibus.

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