What Could Go Wrong?

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    What Could Go Wrong?

    Banks’ Lobbyists Help in Drafting Financial Bills

    WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.

    One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.

    In a sign of Wall Street’s resurgent influence in Washington, Citigroup’s recommendations were reflected in more than 70 lines of the House committee’s 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word.

    The lobbying campaign shows how, three years after Congress passed the most comprehensive overhaul of regulation since the Depression, Wall Street is finding Washington a friendlier place.

    The passage of the Dodd-Frank Act, which took aim at culprits of the financial crisis like lax mortgage lending and the $700 trillion derivatives market, ushered in a new phase of Wall Street lobbying. Over the last three years, bank lobbyists have blitzed the regulatory agencies writing rules under Dodd-Frank, chipping away at some regulations.

    But the industry lobbyists also realized that Congress can play a critical role in the campaign to mute Dodd-Frank.

    more at:

    http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-in-drafting-financial-bills/?hp

     

     
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    Re: What Could Go Wrong?

    In response to A_Concerned_Citizen's comment:

    In response to GreginMeffa's comment:

     

    In 2010, three of its [Citigroup's] top five candidates were New York Democrats: Senators Charles Schumer and Kirsten Gillibrand and Representative Joseph Crowley.

    Nice try

     

     




    In 2012, the most recent election cycle, 9 of the top 10 receipients of donations in the financial sector were neo-cons.

     

        Corker, Bob (R-TN)                      Senate    $349,690
        Tester, Jon (D-MT)                       Senate    $301,468
        Brown, Scott (R-MA)                    Senate    $293,839
        Bachus, Spencer (R-AL)               House    $282,900
        McConnell, Mitch (R-KY)               Senate    $259,750
        Hensarling, Jeb (R-TX)                 House    $223,259
        Cruz, Ted (R-TX)                          Senate      $214,430
        Perry, Rick (R)                                               $211,900
        Boehner, John (R-OH)                    House    $203,900
        Capito, Shelley Moore (R-WV)       House    $193,750
        Dewhurst, David H (R-TX)                            $177,900
        Mandel, Josh (R-OH)                                    $176,026

     

    Nice try



    Now we have gone from "banks" to "financial sector".  kinda like going from "South Boston" to " The Eastern Seaboard".  Slick move of the goal posts.

     
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    Re: What Could Go Wrong?

    In response to A_Concerned_Citizen's comment:

    In response to skeeter20's comment:

     


    Now we have gone from "banks" to "financial sector".  kinda like going from "South Boston" to " The Eastern Seaboard".  Slick move of the goal posts.

     

     

     

     

     




     

    Heh, heh... ya, why talk about all the financial regulations which impact the entire financial sector, which is the actual subject of the regulations....

    Of course it's not a problem to bring up two senators even though this is a HoR bill... no moving the goalposts there.

    And eveyone knows that it only takes two Dem Senators and one Dem Rep to pass any legislation in Congress. Kinda like the amazing power of Rep Frank and, according to you dolts, how he singlehandedly ran the show in Congress.

    You're a funny guy, ignorant but funny.



    The article only mentions CitiGroup...

    And, my, my.  How you let the insults fly.  Just calm down.  You moved the goalposts.

     
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  9. You have chosen to ignore posts from ImYourDaddy. Show ImYourDaddy's posts

    Re: What Could Go Wrong?

    What Could Go Wrong ... NOTHING!!

    Citigroup change 70 lines of a 85 line bill????

    Dodd Franks by the time is done it will have over  30,000 pages of rules and regulation !!!

    You will need to add paper to your printer 60 times, it will stack from floor to ceiling

     

    These changes are supported from the industry , Has wide support from both DEMS and GOP,  The federal reserve

    Does the changes from Citigroup mean the bill is bad? the article couldn'e even describe the changes.

    Is anyone complaining? Dodd or Frank? the white house? The rule commitee? the regulators that will implement these bill?

    I suppose only union lobby is good

     

     
  10. You have chosen to ignore posts from ComingLiberalCrackup. Show ComingLiberalCrackup's posts

    Re: What Could Go Wrong?

    The typical brainless claim that evil big business and big banks only support Republicans...the facts say otherwise.

    Why would Citigroup even need bother to hire lobbyists? There is a continuous revolving door of Citigroup bank executives to and from the Obama White House!

    The current Obama Secretary of Commerce, Jack Lew, is yet another filthy rich Citibank executive with an offshore Cayman Islands account.

    Robert Rubin, Peter Orsag, Carlos Gutierrez, Tim Geithner...the list goes on.

    The dumb notion that 30,000 pages of "regulations" will cure the evils of Citigroup and big banks? The regulations are not the cure, but the disease.

     

     

     

     
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