Bankster Lobbyists Try to Sneak Derivatives Bailout in Budget Legislation
Congress reveals once again it is a tool for the financial elite.
More evidence Congress is a subsidiary of Wall Street and the banks.
On Friday Michael Krieger, the editor of Liberty Blitzkrieg, wrote about a behind the scenes effort by banksters to include in a provision in government funding legislation that would make the Federal Deposit Corporation responsible for financial derivatives losses.
Last October, Krieger wrote about a similar push to put American taxpayers on the hook for bankster gambling losses:
Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it.
The main backer of the bill was Goldman Sachs operative Jim Himes, a Democrat member of the House of Representatives. Himes, Krieger wrote, “discovered lobbyist payoffs can be just as lucrative as a career in financial services.”
At the time, Himes and his colleagues launched a campaign to roll back 2010 Dodd-Frank Act, legislation showcased as a corrective for bankster abuse.
Instead, Dodd-Frank codified “too big to fail,” hammered small business, protected bankster investors, jacked up the prices consumers pay for bank services, interfered with basic market functions, and set the stage for the next economic disaster planned by the financial elite.
The effort by Himes and crew, according to Marcus Stanley, policy director of Americans for Financial Reform, would do “Wall Street’s bidding” and allow it to “write the law to its own benefit in ways that harm the public.”
“After inflicting so much pain and suffering on the American people, now is not the time to let the largest banks back into the casino,” Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, said in a statement as legislation moved through the House.
The bill was shot down and never made it into law, but that has not stopped the banksters and their operatives in Congress from reintroducing the legislation.
“According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said,” Zach Carter wrote for Huffington Post on Friday.
Many Democrats, however, fearing a political backlash, have stepped away from supporting “derivatives perks,” at least for now. They voted 2-to-1 against the bill in the House and it also appeared doomed in the Senate where Majority Leader Harry Reid failed to bring it up for a vote.
Obama, FDIC Chair Sheila Bair, former House Financial Services Committee Chairman, and Democrats Barney Frank and Rep. Maxine Waters, currently the top Democrat on the Financial Services Committee, oppose the bill.
Krieger, however, added an advisory to his Friday commentary: “Remember what Wall Street wants, Wall Street gets. Have a great weekend chumps.”