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republicans got rid of it (with help from Clinton) and when democrats had a chance to bring it back, they instead came up with a really dumb massive bill that doesnt work.
WASHINGTON — Campaign contributions to Senator Scott Brown from the financial industry spiked sharply during a critical three-week period last summer as the fate of the Wall Street regulatory overhaul hung in the balance and Brown used the leverage of his swing vote to win key concessions sought by firms.
From mid-June until the Fourth of July, according to a Globe analysis of his campaign finance reports, the Massachusetts senator took in $140,000 from banks and investment firms and their executives, including companies based in the state, such as MassMutual and State Street Corp. That is 400 percent more than the $28,000 received on average by all Republican senators during the same three weeks.
As the money poured in, Brown and his Senate staff were working both publicly and behind the scenes to scuttle $19 billion in fees on the financial industry that would have paid for part of the regulatory overhaul, and to weaken a provision intended to curb certain types of investment activities by banks and insurance companies.
Both efforts were successful and were adopted as part of the final bill, which was signed by President Obama on July 21.
Instead of the new bank fee, costs of the overhaul will be paid using leftover funds from the 2008 taxpayer-financed bank bailout. And instead of being prohibited from investing their own reserves in stocks and other securities, financial institutions will be allowed to wager up to 3 percent of their own money in hedge funds and other investments, thanks to Brown’s efforts.
Wall Street contributed lavishly to Democrats and Republicans alike for most of the year as it sought to influence deliberations on the sweeping overhaul legislation. But the timing of Brown’s increase in contributions from those sources stands out.
We all know Democrats and Republicans both feed at this trough.
Any time both parties come together to do something, you can bet the people are getting screwed.
It doesn't matter that we throw them out of office after they screw us either.
Just look at where Gramm, Rubin and Summers are now and where Dodd and Frank end up.
If banks and other corporations reward them with millions upon millions when they leave office and this reward is certain as long as they do their corporate master's bidding while in office, our votes mean nothing.
Reinstating the Glass-Steagall act is in direct violation of the WTO. It would have to conform to the WTO. Pretty much making it NOT the Glass-Steagall act..
After the news that JP Morgan Chase lost $2 billion on high-risk credit derivatives this week, as usual, Sen. Bernie Sanders was one of our few voices of reason out there about what to do with these still too-big-to-fail institutions -- break them up.
After the news that JP Morgan Chase lost $2 billion on high-risk credit derivatives this week, as usual, Sen. Bernie Sanders was one of our few voices of reason out there about what to do with these still too-big-to-fail institutions -- break them up.
Glass-Speagal as reported would not have eliminated this.
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