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Leading Democrats: Congress, Senate Owned And
Run By Bankers
Those who created the banking crisis are also the most
powerful lobby on Capitol Hill
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The Democratic Chairman of the Agriculture Committee yesterday
announced to the press that “The banks run the place,”
in reference to the US Congress. He is the second notable elected
official to speak out in recent weeks over the gross and institutionally
corrupt conflict of interest on Capitol Hill.
“I will tell you what the problem is,"
Collin Peterson told the New
York Times, "they give three times more money
than the next biggest group. It’s huge the amount of money
they put into politics.”
Peterson is pushing for legislation to regulate
derivatives trading. His proposed bill would limit derivatives
trading to public exchanges, rather than private clearinghouses,
which are managed by banks.
In this sense he directly opposes the proposal
of Treasury Secretary Timothy Geithner, to have the transactions
monitored by the New York branch of the Federal Reserve, a move
also (coincidentally?) proposed by the heads of the banking
industry.
Over-exposure to credit derivatives of mortgage-backed
securities - or credit default swaps (CDS) was a key reason
for the failure of Bear Stearns, Lehman Brothers, Merrill Lynch,
American International Group, and Washington Mutual last year,
and is at the centre of a financial black hole that is engulfing
the economy.
“Peterson’s bill specifically bars
derivatives trading in a clearinghouse regulated by the New
York Federal Reserve, which he said in an interview ‘is
a tool of the big banks’ that ‘wouldn’t do
much’ to regulate the contracts,” the New York Times
writes.
“Because the banks’ lobbyists persuaded
some of his Republican colleagues to resist more sweeping changes,
Mr. Peterson said, he has had to modify a bill he introduced
that is similar to Mr. Harkin’s in calling for wide-ranging
limits on derivatives.”
Peterson's warning mirrors that of Democratic
Senator Dick Durbin, who just a few weeks ago uttered
the same rarely acknowledged truth.
"And the banks -- hard to believe in a time
when we're facing a banking crisis that many of the banks created
-- are still the most powerful lobby on Capitol Hill. And they
frankly own the place," he said.
(Article continues below)
According to the Center
for Responsive Politics, Barack Obama received
$69,823,872 in contributions from the banking industry, while
John McCain got $60,605,254, with the total between the two
exceeding $130 million.
This makes the banks the biggest donor to the
presidential campaigns by a clear $35 million, second only to
lobbyists and lawyers. Feel the democracy in action.
The New
York Times reports that the top five financial
sector companies — Goldman Sachs, Citigroup, JP Morgan
Chase, Bank of America and Credit Suisse — gave $22.7
million and spent more than $25 million combined on lobbying
activities in one year.
The banks have literally bought the House of Representatives.
In this sense the vast swathe of regulatory powers eventually
handed over to the government will first be filtered through
the very interests they are supposed to be overseeing, and we
are back to where we started.
We have tirelessly exposed how the very people
tasked with rescuing the economy by both the Obama
and Bush
administrations are the same ones who helped create the financial
crisis in the first instance. Geithner is a prime example, being
as he is a protege of former Goldman CEO and Citigroup director
Robert Rubin.
Salon journalist Glenn
Greenwald has exposed more ties between the House
and the banks, and how financial policy is now almost wholly
dictated by the banking industry.
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