START A PETITION 27,000,000 members: the world's largest community for good
START A PETITION
x

WALL STREET'S RECIPE FOR ANOTHER DISASTER


Business  (tags: Bank of America, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, CDS Dealers Consortium, Wall Street Greed )

David
- 2027 days ago - jimhightower.com
Take a #5 tub of pure chutzpa, stir it into a giant vat of raw Wall Street greed, vigorously whisk in millions-of-dollars-worth of banker campaign contributions, then cover it tightly and apply high political heat.



Select names from your address book   |   Help
   

We hate spam. We do not sell or share the email addresses you provide.

Comments

David Cutter (14)
Tuesday June 9, 2009, 4:49 am
It's the perfect recipe for another financial meltdown for America and it's currently being cooked up in Washington. The chefs are nine Wall Street giants, including Bank of America, Citigroup, Credit Suisse, Goldman Sachs, and JPMorgan Chase.

Last fall, even as these sinking banks were being bailed out, their executives were meeting secretly to form a new lobbying front: the CDS Dealers Consortium. CDS stands for "credit-default swaps," the unregulated, absurdly-profitable financial scams that have devastated our economy. The bankers had been major players in this credit-default casino game JPMorgan, for example, pocketed $5 billion in profits from it last year, before the game blew up. The game was disastrous, but these banks desperately want to keep playing, so their lobbying consortium is trying to kill new regulations to stop the scams.

Amazingly, despite broad public disgust with these profiteers, they are succeeding. While many in congress are demanding an independent, public entity to regulate these volatile trades, the CDS consortium is lobbying instead for them to be only loosely overseen by private "clearinghouses," controlled by you guessed it the banks! In March, treasury chief Timothy Geithner caved in to the Wall Street consortium, embracing the closed clearinghouse concept it is pushing. As one conservative Democratic lawmaker said of this development: "The banks run the place."

Still, public outrage matters in this fight. To battle Wall Street's recipe for disaster, connect with grassroots mad-as-hellers at www.anewwayforward.org.

"In Crisis, Banks Dig In for Fight Against Rules," www.nytimes.com June 1, 2009
 

Blue Bunting (855)
Tuesday June 9, 2009, 9:43 am
It wa$ never labelled a "di$a$ter" when Bu$h wa$ in office; Bu$h and Wall $treet (Green$pan) were given anything/everything they a$ked for and more!
 

Ben Oscarsito (357)
Tuesday June 9, 2009, 10:34 am
Capitalism is dead - Long live Capitalism!
...doing the Wall Street Shuffle...
http://www.youtube.com/watch?v=-967crKpg-M
 

Mary Donnelly (47)
Wednesday June 10, 2009, 5:08 pm
Unless and until the American financial system recapitalises itself correctly it will constantly be awash in troubles. So far it has shown no real desire to contemplate that goal, much less achieve it.
 

RC Sihag (12)
Wednesday June 10, 2009, 11:26 pm
More disastrous slow down may grip the world.
 
Or, log in with your
Facebook account:
Please add your comment: (plain text only please. Allowable HTML: <a>)

Track Comments: Notify me with a personal message when other people comment on this story


Loading Noted By...Please Wait

 

 
Content and comments expressed here are the opinions of Care2 users and not necessarily that of Care2.com or its affiliates.