Matt Taibbi | Wall Street Rolling Back Another Key Piece of Financial Reform

Wall Street Rolling Back Another Key Piece of Financial Reform

Wall Street lobbyists are awesome. I’m beginning to develop a begrudging respect not just for their body of work as a whole, but also for their sense of humor. They always go right to the edge of outrageous, and then wittily take one baby-step beyond it. And they did so again last night, with the passage of a new House bill (HR 2827), which rolls back a portion of Dodd-Frank designed to protect cities and towns from the next Jefferson County disaster.

Jefferson County, Alabama was the most famous case – the city of Birmingham went bankrupt after being bribed and goaded into taking on billions of dollars of toxic swap deals – but in fact it was just one of hundreds of similar examples of localities being duped into suicidal financial deals by rapacious banks and financial companies. The Denver school system, for instance, got clobbered when it opted for an exotic swap deal pushed by J.P. Morgan Chase (the same villain in Jefferson County, incidentally) and then-school superintendent/future U.S. Senator Michael Bennet, that ended up costing the school system tens of millions of dollars. As was the case in Jefferson County, the only way out of the deal involved a massive termination fee that might have been even more destructive than the deal itself.

Rest here…

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Comments
3 Responses to “Matt Taibbi | Wall Street Rolling Back Another Key Piece of Financial Reform”
  1. stripes says:

    The banksters and the politicians are one entity in Illinois. That is where their power trip comes from. That formula, known as the Chicago democratic machine has taken over the country. The people of cook county have been constantly barraged with the debt of these crooks for decades but now they have gone nationwide and are completely out of control and downright oppressive. This whole thing is going to implode.

  2. robert foster says:

    Its never ending the fraud that these scumbags are willing to dole out in the name of raking in more and more money with out any regard for anyone,anything,anyplace just steamrolling over all the folks that are not experts in structured crime[finance].Thats Mr Dimon doing some of his best work and that lovely fellow is working part-time over at the fed.Something is really out of wack in this country,and we the people can change it all in 24 hours if we just came together and shut these fools down.They got the guns but we got the numbers.

  3. Okay, we all need to shed light on Rep Dold for sponsoring this bill. Why not see who his biggest campaign contributors are, and those of you in Illinois, you should let everyone know how this Representative is not working in his Constituents best interests, and that he clearly is siding in favor of the “incentives” made by lobbyists.

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