U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-08-2013, 06:48 PM
 
5,155 posts, read 2,347,949 times
Reputation: 1848

Advertisements

H.R.992 - Swaps Regulatory Improvement Act

H.R.992 - 113th Congress (2013-2014): Swaps Regulatory Improvement Act | Congress.gov | Library of Congress

Quote:
Swaps Regulatory Improvement Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act with respect to the prohibition against certain federal assistance to swaps entities, namely the use of any advances from specified Federal Reserve credit facilities or discount windows, or Federal Deposit Insurance Corporation (FDIC) insurance or guarantees, for the purpose of: (1) making any loan to, or purchasing any stock, equity interest, or debt obligation of, any swaps entity; (2) purchasing the assets of any swaps entity; (3) guaranteeing any loan or debt issuance of any swaps entity; or (4) entering into any assistance arrangement (including tax breaks), loss sharing, or profit sharing with any swaps entity.

Extends to any major swap participant or major security-based swap participant that is an uninsured U.S. branch or agency of a foreign bank the exemption from the prohibition against federal assistance to swaps entities which is currently limited to any major swap participant or major security-based swap participant that is an FDIC-insured bank or savings association.

Designates both uninsured U.S. branches or agencies of a foreign bank and insured depository institutions as "covered depository institutions."...........

So...We finally find a bill that passes easily with bi-partisan support through Congress.

Unfortunately it re-authorizes the Fed to bailout banks that gamble on swaps and derivatives...

And it was literally written by Citigroup..

It puts the tax payer back on the hook for the Bank's failed Derivative Gambles in the Stock Market.


Quote:
Passed November 30th...Congress always sneaks in ugly legislation around the holidays when no one is paying attention.

This bill being bi-partisan also meant no one made the rounds on Sunday morning arguing about it, no one went on CNN with partisan jabs etc. etc. They just quietly agreed and passed it during the holidays.
Something Really Insane Just Happened In Congress, And You Probably Haven't Heard A Word About It, page 1


Quote:
The system is rigged through corruption to do one thing for the banks.....Privatize the profits...Socialize the losses. That is a simple formula for what nearly collapsed our economy and is driving us toward unprecedented income inequality. God help me...what bank executive won't gamble if they know that they get to keep the winnings for big bets, but if they lose...the fed will cover the losses with taxpayer funds.
Reply With Quote Quick reply to this message

 
Old 12-09-2013, 05:46 AM
 
Location: Fredericktown,Ohio
6,519 posts, read 4,154,680 times
Reputation: 2565
Not surprising since the big banks grease the palms on both sides of the aisle. Example of how both parties are alike and sometimes bi partisanship and working together is not always a good thing.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 06:21 AM
 
Location: bold new city of the south
5,200 posts, read 4,109,217 times
Reputation: 6156
Quote:
Originally Posted by Swingblade View Post
Not surprising since the big banks grease the palms on both sides of the aisle. Example of how both parties are alike and sometimes bi partisanship and working together is not always a good thing.
They always work together when they line their palms with 'OUR' money.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 06:21 AM
 
Location: NE Ohio
30,112 posts, read 15,666,254 times
Reputation: 8792
Well, there has been no short supply of criticism of Dodd Frank hamstringing the economy, and some say it should be repealed entirely.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 06:24 AM
 
Location: Philadelphia
11,829 posts, read 9,835,607 times
Reputation: 7981
Yeah, anything easily and quietly passed with bi-partisan support by these scum in Congress needs to be examined and scrutinized sadly.

Politicians these days appear to not know up from down but when their masters need something done it will get done at lightning speed, believe that. They really are pathetic excuses for people.

Last edited by 2e1m5a; 12-09-2013 at 06:40 AM..
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 08:02 AM
 
Location: NY
12,263 posts, read 8,993,597 times
Reputation: 8015
Dodd-Frank has turned into a monster. It's three years old, only half has been written and depending on your news source, it's either 9000 pages or 14,000 pages long. There's lots of leeway for all kinds of mischief in this blob of a bill.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 09:22 AM
 
8,487 posts, read 5,683,645 times
Reputation: 1113
They are one of the big 4. Of course, this is where the action is. The signs are everywhere.
I mentioned this myself on another thread.


Quote:
Originally Posted by CDusr View Post
No, they seem to have no interest in stopping.
House Voted to Get Banksters Back in the Derivatives ...
quote:
H.R. 992, the Swaps Regulatory Improvement Act, authored primarily by Citibank lobbyists, will allow predatory Wall Street financial institutions to once again engage in high-risk derivatives trading. Losses will be socialized and paid for by the American taxpayer through the Federal Deposit Insurance Corporation or FDIC.
This kind of thing is why.

Quote:
Originally Posted by CDusr View Post
Since the OCC states 60-80% of the derivative market is interest rate contracts(80) and interest rate swaps(60). You can see the importance of that in that breakdown I posted of the 26trillion the fed "loaned". Can also see the role of the big four banks especially the main govt bank, JPM.

U.S. Treasury Bond Teetering Tower Of Babel, Fed Stuck At 0 ...
quote:
Any rise, even a moderate rise, in the USTBond yield would result in multi-$trillion losses from the derivatives hidden at work. The vast Interest Rate Swap would deliver massive blows like a machete across the entire financial sector. Every big US bank involved in heavy IRSwap enforcement as bond market intervention would suffer losses in the multiple $trillions



Last edited by CDusr; 12-09-2013 at 10:25 AM.. Reason: bad thread links
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 09:28 AM
 
9,312 posts, read 5,585,645 times
Reputation: 4632
Quote:
Originally Posted by buddy5 View Post
They always work together when they line their palms with 'OUR' money.
Quote:
Originally Posted by Swingblade
Not surprising since the big banks grease the palms on both sides of the aisle.
Quote:
Originally Posted by 2e1m5a
Politicians these days appear to not know up from down but when their masters need something done it will get done at lightning speed, believe that. They really are pathetic excuses for people.
I think we've found an issue where both the left and the right agree.
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 09:30 AM
 
23,851 posts, read 19,152,646 times
Reputation: 9377
Hope N' Change
Reply With Quote Quick reply to this message
 
Old 12-09-2013, 09:34 AM
 
Location: Pennsylvania
5,411 posts, read 9,562,699 times
Reputation: 8577
Quote:
Originally Posted by AeroGuyDC View Post
Hope N' Change
In the Republican controlled House.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top