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Even in Crisis, Banks Dig In for Fight Against Rules

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groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-01-09 10:45 AM
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Even in Crisis, Banks Dig In for Fight Against Rules
As the financial crisis entered one of its darkest phases in October, a handful of the nation’s largest banks began holding daily telephone sessions. Murmurs were already emanating from Washington about the need for a wide-ranging regulatory overhaul, and Wall Street executives girded for a fight.

Atop the agenda during their calls: how to counter an expected attempt to rein in credit-default swaps and other derivatives — the sophisticated and profitable financial instruments that were intended to limit risk but instead had helped take the economy to the brink of disaster.

The nine biggest participants in the derivatives market — including JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America — created a lobbying organization, the CDS Dealers Consortium, on Nov. 13, a month after five of its members accepted federal bailout money.

To oversee the consortium’s push, lobbying records show, the banks hired a longtime Washington power broker who previously helped fend off derivatives regulation: Edward J. Rosen, a partner at the law firm Cleary Gottlieb Steen & Hamilton. A confidential memo Mr. Rosen drafted and shared with the Treasury Department and leaders on Capitol Hill has, politicians and market participants say, played a pivotal role in shaping the debate over derivatives regulation.

http://www.nytimes.com/2009/06/01/business/01lobby.html?_r=1&th&emc=th
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Wednesdays Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-01-09 04:18 PM
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1. K&R
:kick:
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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-01-09 04:23 PM
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2. Why not? It still works for them.
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bvar22 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jun-01-09 04:34 PM
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3. The insult to the injury ?
YOUR tax dollars are going to help finance the Big Banks' fight against re-regulation.....
so we will get to do this all over again a few years from now.

The time to impose regulation is BEFORE they get the money.
There in NO LEVER to force regulation AFTER they get the money.
But, of course, our Congress and President already know this.
There will be no effective change in our Banking System.
"Too Big to Fail" will continue to be the BIG PRIZE of our Economic system and will NOT be addressed as the root problem.
When was the last time you heard the phrase "Too Big to Fail"?
It has already been flushed down the Memory Hole.

NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Post-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!


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groovedaddy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-02-09 07:07 AM
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4. I agree. It should have been a condition to get ANY help.
Rather than bailing these banks, we should have created a new Federal bank to fulfill the functions of the banks that should have failed.
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