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Title: How Wall Street Killed Financial Reform
Source: RollingStone
URL Source: http://www.rollingstone.com/politic ... =email&utm_campaign=newsletter
Published: May 10, 2012
Author: Matt Taibbi
Post Date: 2012-05-11 11:13:29 by lucysmom
Keywords: None
Views: 2573
Comments: 8

Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. "These reforms represent the strongest consumer financial protections in history," the president told an adoring crowd in downtown D.C. on July 21st, 2010. "In history."

This was supposed to be the big one. At 2,300 pages, the new law ostensibly rewrote the rules for Wall Street. It was going to put an end to predatory lending in the mortgage markets, crack down on hidden fees and penalties in credit contracts, and create a powerful new Consumer Financial Protection Bureau to safeguard ordinary consumers. Big banks would be banned from gambling with taxpayer money, and a new set of rules would limit speculators from making the kind of crazy-ass bets that cause wild spikes in the price of food and energy. There would be no more AIGs, and the world would never again face a financial apocalypse when a bank like Lehman Brothers went bankrupt.

Most importantly, even if any of that fiendish crap ever did happen again, Dodd-Frank guaranteed we wouldn't be expected to pay for it. "The American people will never again be asked to foot the bill for Wall Street's mistakes," Obama promised. "There will be no more taxpayer-funded bailouts. Period."

Two years later, Dodd-Frank is groaning on its deathbed. The giant reform bill turned out to be like the fish reeled in by Hemingway's Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore. In a furious below-the-radar effort at gutting the law – roundly despised by Washington's Wall Street paymasters – a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank. With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House and the Senate with little or no debate, with simple floor votes – by a process usually reserved for things like the renaming of post offices or a nonbinding resolution celebrating Amelia Earhart's birthday.

The fate of Dodd-Frank over the past two years is an object lesson in the government's inability to institute even the simplest and most obvious reforms, especially if those reforms happen to clash with powerful financial interests. From the moment it was signed into law, lobbyists and lawyers have fought regulators over every line in the rulemaking process. Congressmen and presidents may be able to get a law passed once in a while – but they can no longer make sure it stays passed.

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#1. To: A K A Stone, Anti-ping to CE, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mininggold, mcgowanjm (#0)

...Title II would have forced major financial companies to pay $19 billion into an FDIC-style fund that would cover the cost of any future bailouts. But then the balance of power in the Senate was upset by the election of Republican Scott Brown to Ted Kennedy's seat in Massachusetts. As the clock wound down toward the bill's passage, Brown insisted on a change: Instead of making ginormous companies pay $19 billion in advance, the FDIC would first use taxpayer money to pay for any bailouts, and then spend years trying to recover that money from Wall Street by means of an assessment process so convoluted that you could grow a four-foot beard in the time it would take to understand it. Republicans managed to wrangle support, in conference, for the "bailout now, pay later" idea, and it made its way into the final bill.

If Libertarians got their way, all this pesky regulation stuff that costs the private sector billions of dollars in Congressional vote buying would go away.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-11   11:17:32 ET  Reply   Trace   Private Reply  


#2. To: lucysmom (#1) (Edited)

" The lessons from JP Morgan’s losses are simple. Such banks have become too large and complex for management to control what is going on. The breakdown in internal governance is profound. The breakdown in external corporate governance is also complete — in any other industry, when faced with large losses incurred in such a haphazard way and under his direct personal supervision, the CEO would resign. No doubt Jamie Dimon will remain in place.

And the regulators also have no idea about what is going on. Attempts to oversee these banks in a sophisticated and nuanced way are not working."

Don’t bother asking JPMorgan how it accumulated all these losses. That information is proprietary, as if the taxpayers who bailed out the bank in 2008 don’t have any business knowing. "

We're way beyond 'fraud control' regs/regulators now.

The Entire Ponzi is revealed. Look quickly as they re adjust the mask.

They can't change. And so the Titanic increases it's angle of descent.

Like how can JPM remain 7% under and the entire rest of the market is green.

BTW, that hedge position of synthetic derivatives is still open.

Which means that the jackals are loading up on the contrary position.

Much like Soros did with the Bank of England....and how Soros made his gigantic fortune.

But JPM can't close it's hedge or it will go down even faster.

mcgowanjm  posted on  2012-05-11   11:47:09 ET  Reply   Trace   Private Reply  


#3. To: lucysmom (#1)

Here’s an idea for a new rule: If a too-big-to-fail bank can’t disclose what its trading desk is doing for fear of blowing itself up, then the bank shouldn’t be allowed to do it.

mcgowanjm  posted on  2012-05-11   11:49:29 ET  Reply   Trace   Private Reply  


#4. To: All (#3)

Confirming what I just wrote:

"“It could get worse, and it’s going to go on for a little bit unfortunately,” Dimon replied. The meaning was clear. Worse could mean disastrous."

mcgowanjm  posted on  2012-05-11   11:50:46 ET  Reply   Trace   Private Reply  


#5. To: mcgowanjm (#2)

Don’t bother asking JPMorgan how it accumulated all these losses. That information is proprietary, as if the taxpayers who bailed out the bank in 2008 don’t have any business knowing. "

The only thing worth knowing is if it weren't for big government, none of this would ever happen.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-11   11:53:24 ET  Reply   Trace   Private Reply  


#6. To: mcgowanjm (#3)

Here’s an idea for a new rule: If a too-big-to-fail bank can’t disclose what its trading desk is doing for fear of blowing itself up, then the bank shouldn’t be allowed to do it.

Funny how government should be transparent and too-big-to-fail institutions deserve their private secrets.

Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady

lucysmom  posted on  2012-05-11   11:56:14 ET  Reply   Trace   Private Reply  


#7. To: lucysmom (#5)

The only thing worth knowing is if it weren't for big government, none of this would ever happen.

Unaccountable gov't.

It's all out of control now.

Factions increasing.

Keep an eye out in the news for "derivative crisis", as the crisis is inevitable with current falling value of most real assets. Derivative Data Source: ZeroHedge demonocracy.info/infograp...atives/bank_exposure.html

JP Morgan Chase (JPM)

During the oil spill(USbpEcocide) the bank said that the oil spill is good for the economy.

The bank is also the largest owner of BP - the oil spill company.8D

JP Morgan Chase has a derivative exposure of $70.151 Trillion dollars. $70 Trillion is roughly the size of the entire world's economy. The $1 Trillion dollar towers are double-stacked @ 930 feet (248 m).

JP Morgan is rumored to hold 50->80% of the copper market, and manipulated the market by massive purchases. JP Morgan (JPM) is also guilty of manipulating the silver market to make billions. In 2010 JP Morgan had 3 perfect trading quarters and only lost money on 8 days.

Lawsuits on home foreclosures have been filed against JP Morgan. Aluminum price is manipulated by JP Morgan through large physical ownership of material and creating bottlenecks during transport. JP Morgan was among the banks involved in the seizure of $620 million in assets for alleged fraud linked to derivatives.

JP Morgan got $25 billion taxpayer in bailout money. It has no intention of using the money to lend to customers, but instead will use it to drive out competition.

The bank is also the largest owner of BP - the oil spill company. During the oil spill the bank said that the oil spill is good for the economy.

JP Morgan Chase also received a SECRET $391 billion dollar bailout from the Federal Reserve. In 2012, JP Morgan (JPM) took a $2 billion loss on "Poorly Executed" Derivative Bets. Bank of New York Mellon - Derivative Exposure 9 Biggest Banks' Derivative Exposure - $228.72 Trillion

Note the little man standing in front of white house. The little worm next to lastfootball field is a truck with $2 billion dollars. There is no government in the world that has this kind of money. This is roughly 3 times the entire world economy. The unregulated market presents a massive financial risk. The corruption and immorality of the banks makes the situation worse.

If you don't want to bank with these banks, but want to have access to free ATM's anywhere-- most Credit Unions in USA are in the CO-OP ATM network, where all ATM's are free to any COOP CU member and most support depositing checks. The Credit Unions are like banks, but invest all their profits to give members lower rates and better service. They don't have shareholders to worry about or have derivatives to purchase and sell.

Keep an eye out in the news for "derivative crisis", as the crisis is inevitable with current falling value of most real assets. Derivative Data Source: ZeroHedge

mcgowanjm  posted on  2012-05-12   7:50:44 ET  Reply   Trace   Private Reply  


#8. To: lucysmom (#0)

Two years later, Dodd-Frank is groaning on its deathbed.

Another Obama failure, perhaps the biggest one of all.

Thunderbird  posted on  2012-05-12   9:16:49 ET  Reply   Trace   Private Reply  


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