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It’s Still Christmastime on Wall Street

Posted on Apr 22, 2011
Flickr / zoonabar (CC-BY)

The financial industry continues to spend record amounts of money on lobbyists to influence and kill the implementation of meaningful financial reforms, according to a report in The Wall Street Journal. It’s a scary thought, since America’s financial system still suffers from the same systemic risks and exotic financial products that sucked money out of the real economy, caused the meltdown of the world’s financial markets and precipitated President Bush’s bank bailouts.  —YL

The Wall Street Journal:

Wall Street and the financial industry spent more to lobby Washington in the first quarter of this year than a year ago when Congress was writing sweeping financial-overhaul legislation, according to a Wall Street Journal review of lobbying reports released Thursday.

The law, known as Dodd-Frank, was adopted nine months ago but banks, credit unions, investment firms and their trade groups now are trying to shape how it is put into practice. The documents show financial-industry lobbyists are spending time with regulators, who are writing hundreds of rules to carry out the law, while pushing Congress to roll-back certain provisions, especially new limits on debit-card fees.

The industry is working to influence a long list of Dodd-Frank rules, including sweeping ones for the nearly $583 trillion derivatives market and restrictions on the size and activities of the largest banks. Many are also weighing in on mortgage-finance issues as policy makers address problems with foreclosures and how to revamp mortgage-lending giants Fannie Mae and Freddie Mac, which now are under federal control.

The disclosures show that 26 of the financial firms and trade associations that spent the most in 2010 collectively spent $27 million in the three months ending March 31, a 2.7% increase from the $26.3 million spent in the comparable period in 2010.

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By ardee, April 24, 2011 at 5:27 am Link to this comment

Virginia777, April 24 at 2:18 am Link to this comment


Are you still the biggest bore on Truthdig? Apparently. Lol.

I frankly do not know, there has never been a vote. But I thank you for a ridiculous and unwarranted attack that was both unnecessary and pointless. Thus you reaffirm your uselessness after a rather blessedly long absence…Was your sentence commuted or are you on parole?

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By Virginia777, April 23, 2011 at 10:18 pm Link to this comment


Are you still the biggest bore on Truthdig? Apparently. Lol.

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By bluesman, April 23, 2011 at 5:15 pm Link to this comment

Big B, I’m feelin’ you! What a couple of hypocrites!

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By frecklefever, April 23, 2011 at 10:34 am Link to this comment


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By John Poole, April 23, 2011 at 6:21 am Link to this comment
(Unregistered commenter)

In the mid 60s I argued and fought with my parents and their generation who
were quite content to live lives of unquestioning compliance to authority. I find
myself repeating the same thing with the generation behind me. They are ten
years younger-spent their college years getting stoned and are now quite content
with Obama’s rhetoric.  My wife and I almost dread social gatherings with
younger friends for we worry that we’ll be so outraged at their indifference and
apathy that we’ll end up being shown the door.  Their concerns are for financial
security- as vague as it may be in these times- and fear the system might come
off the rails with too much enthusiastic reform. My wife and I are thinking we may
just be a generational aberration.

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By ardee, April 23, 2011 at 2:31 am Link to this comment

An article that speaks to the continuing control of our government by the Financial Community seems redundant and even a bit naive to me. Why would things change if they remain unchallenged? Why would our system regain its balance, begin to work for the people when the same factors remain in place, when the same folks who crashed our economy for their own personal gain remain free and still actively doing the same damn thing?

The need for many millions of dollars impels our political campaigners to seek ever larger war chests. Those dollars are found, not among the people but within the corporations who use the upward spiral of campaign cash to remain in control of this nations legislators.

It has been reported that this Presidential campaign will see the candidate needing to raise over one billion dollars in order to win a job that pays $400,000 per year with only a four year guarantee. So, would you expend a billion to possibly recoup 1.6 million?

There are many things needing change in this nation of ours. In my opinion the first place to start is to ensure that we get the right candidates elected. Our current system ensures only that those who enslave themselves to the corporate control of our country stand any chance at all of gaining office. Free elections are the place to start. The media must be compelled to offer free air time and print space to all reputable candidates, thus weakening the power of money over elections.

In this way those who seek to represent the people, those who reject the blandishments of the corporations can run successfully against those who serve only to write legislation that favors their contributors while abandoning and ignoring the needs of the people.

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By fearnotruth, April 23, 2011 at 1:08 am Link to this comment

RE: ...the nearly $583 trillion derivatives market…

TOBIN TAX - initially conceived by Nobel Laureate economist,  James Tobin, in 1972 in his Janeway Lectures
at Princeton, shortly after the Bretton Woods system of monetary management ended in 1971, essentially as
a limiter to out-of-control currency exchange speculation - now coming to attention as a means of taping
revenue and limiting speculation in the chaotic market in exotic financial instruments.

The plan: a 1% tax point-of-transaction tax on all transfers of financial investments - stocks, bonds,
derivatives, etc.

Everyone knows Wall Street’s and City of London’s excessive derivatives speculation crashed the world
economy - time to make them pay - tax their daily transactions the way virtually every other commercial
activity is taxed.

No more FREE RIDE for the financial sector. Moreover, stop shoveling cash to bail out their failures - 0%
loans to the productive sector only - ZERO loans to Wall Street - paper pushers who produce nothing - make
them make their way in their so-call ‘free market’ with the sort of taxes every other sector endures - let
them bugger one another into perdition.

Tax payers say BASTA!  Wall Street, bend and spread ‘em!

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By LJSearles, April 22, 2011 at 6:35 pm Link to this comment

Let the Mother f**ker burn.

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By samosamo, April 22, 2011 at 4:51 pm Link to this comment


Now that the faux bowlegged dwarf cowboy of ‘all hat and no
cattle’ ain’t in the whitey house any more, just let texass gov.
rich n. dingleberrys ask for a federal bailout for his state. I
believe he’ll find the plutocracy ain’t supporting states anymore,
they are on their own.

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By TDoff, April 22, 2011 at 4:34 pm Link to this comment

If Governor Perry had any of that famed Texas ingenuity, he’d form all Mexican residents of Texas into a Mexican Militia, and have them march across the state, peeing all the way.

Not only would the fires go out, but the Mexicans would be so happy with their new jobs, when the word spread to Mexico that Perry was hiring Mexicans to pee on Texas, so many would come across the border to enlist in the militia, Texas would become wall-to-wall Mexicans, all the Texas work would get done, and the new Tex-Mexicans would elect a competent Governor.

Ain’t no problem can’t be solved.

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By Realist, April 22, 2011 at 4:06 pm Link to this comment
(Unregistered commenter)

Screw Rick Perry! This moron wanted to secede, and I’m wishing now that we had encouraged him to do so. Then we could turn him down for aid because he would be the head of a hostile nation filled with anti-American terrorists!

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By R. Glasspoole, April 22, 2011 at 2:51 pm Link to this comment
(Unregistered commenter)

I’m with Big B.

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By Big B, April 22, 2011 at 2:18 pm Link to this comment

Once again, if prez Barry had a hair on his nuts he would tell this bible thumping, flag sucking moron and his ignorant texican constituency to man the buckets and start swinging the broom at flaming armadillos. The federal government ain’t coming to the rescue this time. You want to be a nation unto yourself, nows your chance. Maybe you can get some help from that fat bastard in New Jersey (Oh thats right, he already went a beggin’ for federal help after his floods a couple months back)

Is it too late to let the south succede?

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