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

- 3240 days ago -
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.

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David C (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

"In Crisis, Banks Dig In for Fight Against Rules," 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 O (171)
Tuesday June 9, 2009, 10:34 am
Capitalism is dead - Long live Capitalism!
...doing the Wall Street Shuffle...

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.
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