December 16, 2009

WHAT'S THE POINT OF HAVING TWO DEMOCRATIC SENATORS FROM NY...:

Beware the Treasury - Banking Complex (Kurt Brouwer, 12/16/09, MarketWatch: Fundmastery Blog)

[W]ho had the power to get 67 years of regulation overturned? In my view, there is only one answer: The repeal of Glass-Steagall illustrates the power of the Treasury-Banking Complex to get favorable legislation passed.

To me, the issue is the fact that the big banking institutions are so well-connected in Washington that they can manipulate the rules and regulations to fit their needs. By the way, I’m not talking about local and regional banks, but rather the very big banks such as Citi, Goldman Sachs and Bank of America. They and their executives donate millions of dollars to politicians in Congress and elsewhere. In addition, there is a revolving door between top banks such as Goldman Sachs, Citi or Bank of America and the U.S. Treasury. Think Hank Paulson or Robert Rubin, who both headed the Treasury after careers on Wall Street.


...if they're just going to serve the banks too?

Posted by Orrin Judd at December 16, 2009 4:20 PM
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