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    Wall Street Now Writing Its Own Laws: Report

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    Admin
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    Posts : 186
    Join date : 2013-03-20

    Wall Street Now Writing Its Own Laws: Report

    Post by Admin on Fri Jun 14, 2013 6:22 am



    Greed isn't just good, it’s now self-regulated, according to a report claims Wall Street is now writing its own legislation.

    Don’t expect Capitol Hill to do anything about it, either. Congress seems thrilled to be aiding a self-policing financial sector, as financial regulatory laws like The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was set in place in 2010 after Wall Street had run amok, are in danger of being rewritten to benefit fat cats.

    It’s gotten so bad on Capitol Hill that Wall Street bankers should get business cards that instead read “Lawmakers.” Politicians have been known to sit down with bank lobbyists when drafting regulation bills. Bankers, for example, were able to get a regulation bill of their own creation through a House committee this month. (It might be comforting to know that House representatives edited the bill before approving it, but ultimately kept 70 lines of its 85 lines….)And the lawmakers letting this happen don’t seem to be doing it for the sake of discourse. Independent studies show that those politicians who support Wall Street bills end up receiving twice as many campaign contributions from the financial sector. What a bizarre coincidence.

    Most conspiracies happen under the cover of night or behind closed doors, but not this one. In many cases, bank lobbyists hold dinner banquets for the lawmakers nice enough to help them draft their own laws. Representatives of the people don’t even have the tact to deny the wrongdoing. Congressman Jim Himes called the situation “appalling” “disgusting” and “wasteful,” but that “it’s unfortunately the world we live in” — and he’s a former banker for Goldman Sachs and receives ample donations from Wall Street.

    Greed isn't just good, it might soon be the law.


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