Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform
OPS_admin | Dec 08, 2009 | Comments 0
In a little-noticed but potentially explosive remark last Friday, Senator Dick Durbin (D-Ill.) accused Republican leadership of signing a political pact with the banking industry: in exchange for help defeating a measure that would make it easier for homeowners to restructure failing mortgages, GOP leadership in the Senate would help banks defeat any additional efforts at regulatory reform.
The allegation of a quid pro quo was based on an email that Durbin received last spring after his amendment to allow judges to modify mortgages for homeowners who enter bankruptcy was defeated on the Senate floor. During a discussion to promote publicly-financed elections on Friday, the Illinois Democrat relayed that, shortly after the defeat of his “cram-down” amendment, a “banker friend” forwarded him the note from Tanya Wheeless, president & CEO of Arizona Bankers Association.
“I have contacted the market presidents for each of the three banks (Chase, Wells and Bank of America) and explained that in my humble opinion it’s a big mistake to cut a deal with Durbin and alienate our (in Arizona) Senator,” Wheeless’s email reads. “I also told them that I thought this would drive a wedge in our industry. [Senator Jon] Kyl has pointedly told them not to make a deal with Durbin and then come looking to Republicans when they need help on something like regulatory restructuring or systemic risk regulation.”
Full Story Durbin: Banks And GOP Made A Pact To Kill Regulatory Reform.
Filed Under: Fascism, Police State, Authoritarianism
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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