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Funny, didn’t hear about this on Monday November 4, 2010

Posted by WillardWhyte in Economy, Greed, Politics.
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The guy set to take over the House Financial Services Committee — which oversees agencies regulating banks — shows what’s tops on his agenda: Rolling back financial reforms to let the banks back into high-stake gambling with U.S. government insured deposits. That’s long for: Your money and mine, “insured” by your tax dollars and mine.

Reuters is here and Salon is here. Here’s a quote from Rep. Spencer Bachus’ letter to Treasury Secretary Timothy Geithner and other top regulators, who are writing rules they were ordered to write by the financial reform law passed last spring.

I strongly recommend that your study of the Volcker Rule take account of how trading activities fit into the core business plan of global banks, as well as the consequences for U.S. banks and the banks’ clients of prohibiting those activities in the U.S. while they continue to be permitted everywhere else in the world.

Funny — I’ve read that five times now and I must have missed the part about you and me and how the Volcker Rule would be bad for us and getting rid of it would create jobs.

Well Butch, we’ll get to all you cowpokes out there after we make things better for Wells Fargo.

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Comments»

1. john - November 17, 2010

sweet


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