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Wall Street Fights Back

Wall Street Fights Back

 

How serious is Wall Street about holding onto the suffocating power it amassed over the past decade? For starters, they have no problem gaming the oversight process with the willing assistance of someone like Rep. Darrell Issa (R-CA). According to reports, Issa’s top aides were directly responsible for trying to set up Elizabeth Warren for a smear as she testified to congressional leaders over the mission and the work of the fledgling Consumer Finance Protection Bureau, an agency Wall Street, and Goldman Sachs in particular, is intent on killing.

Rep. Issa may find his staff under increasing scrutiny as Goldman Sachs chief executive Lloyd Blankfein may be facing indictment soon. According to Reuters, Blankfein recently retained Reid Weingarten, a high-profile Washington defense attorney whose past clients include a former Enron accounting officer, among others.

And the big banks may ultimately be successful in getting New York attorney general Eric Schneiderman to drop his opposition to a settlement between the states and the banks for charges the banks improperly foreclosed on millions of Americans.  Schneiderman has been a vocal opponent of settling with the banks, despite increasing pressure from the Obama administration.

It is increasingly clear that no economic recovery is possible, let alone sustainable, without some level of consumer debt forgiveness. Wall Street’s parasitic practices have literally crippled the mobility of the middle class. Rather than displaying a sense of long term vision, the banking lobby is quite clearly looking out for its short term interests only. If they fail and Congress does muster the political will to pass additional debt relief and regulatory protections we may avoid, narrowly, a permanent return to the Guilded Age.

If they are successful, there’s no reason to think they’ll stop simply at dismantling financial services regulation.

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Photo from tracyo via flickr.

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39 comments

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7:10AM PDT on Aug 29, 2011

thanks

1:25AM PDT on Aug 29, 2011

noted

7:35AM PDT on Aug 27, 2011

Mike C.

The reasons people can't afford anything is because their jobs are being exported to other countries. You can thank the Republican party for being the cheerleaders for out-sourcing and off-shoring U.S. jobs.

Capitalism has become the new communism and most jobs have been transferred to communist China. China is now investing in green energy and a modern military complex to take back Taiwan. They did not need to work for this, we gave it to them in exchange for greed. Out-sourcing and off-shoring of U.S. jobs not only screws our own people but has national security implications. What are we going to do, borrow money from the Chinese to fight them when they invade Taiwan? We can't even put clothing on our soldiers because we no longer have a textile industry in this country.

5:31PM PDT on Aug 26, 2011

Wall Street did badly for President Obama as Republicans want (at Republicans' expense.)

4:28PM PDT on Aug 26, 2011

"It is increasingly clear that no economic recovery is possible, let alone sustainable, without some level of consumer debt forgiveness"


Not really. What support, if any, do you have this odd claim?

3:12PM PDT on Aug 26, 2011

Wall Street and the Republicans are in what I believe to be a conspiricy.

3:07PM PDT on Aug 26, 2011

Sue is right...prosecute.
This isnt going to end untill the repuglicans are OUT.
And our action is need.desperately to insur that outcome!

1:43PM PDT on Aug 26, 2011

A couple other thoughts please. If we want people like Elizabeth Warren in our government and we want to hold people accountable than we all have to fine a Democrat to vote for.

We cannot expect people running banks or businesses to move towards integrity and fair dealings until we hold those abusing their positions accoutable.

1:39PM PDT on Aug 26, 2011

I hope Schneiderman doesn't gave an prosecutes the whole lot of them that he can.

12:48PM PDT on Aug 26, 2011

Banking professionals made those loans - professional appraisers valued the properties(?), professional loan officers and processors collected and reviewed the financials on the borrowers as well as the appraisals, professional loan underwriters EVALUATED and APRROVED the home appraisals and the financials on the borrowers - but for some reason - the professionals don't want to take the hit for being UNPROFESSIONAL - WT?

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