50 online
 
Most Popular Choices
Share on Facebook 13 Printer Friendly Page More Sharing
OpEdNews Op Eds    H3'ed 4/1/10

Bogus Washington-Proposed Financial Reform

By       (Page 9 of 12 pages) Become a premium member to see this article and all articles as one long page.   1 comment
Message Stephen Lendman
Become a Fan
  (191 fans)

This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.

The so-called credit rating agencies are part of the scheme. Ones like Moody's, Standard & Poor's, Fitch and others bogusly assessing toxic securitizations and other financial alchemy in return for large fees and big profits. The House bill does nothing to correct this, the final Senate one not likely to either. Instead, they'll give enforcement power to the notoriously corrupt SEC, staffed with officials that move to high-paying industry jobs, so refrain from future slapping hands that may feed them.


Other House (and likely Senate) bill problems include:


-- failure to address "too-big-to-fail" (TBTF) institutions that are too big to exist;


-- numerous loopholes letting derivatives speculators game the system without regulatory restraining authority;


-- enacting no deterrent to securitization process abuses;


-- not reforming government-sponsored enterprises (GSE) like Fannie, Freddie, and others; and


-- letting bankers self-regulate by keeping the Fed in charge - the ultimate conflict of interest assuring no change in business as usual, just cover to paper over flawed policy.


If the final Senate bill resembles HR 4173 as appears likely, Wall Street shenanigans will be green-lighted. A future greater financial crisis is assured. Giant banks will get bigger. Trillions more in public wealth will be looted. Current financial reform debate will be revisited, but nothing will be resolved now or then unless grassroots outrage forces it.


Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10  |  11  |  12

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Rate It | View Ratings

Stephen Lendman Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.  My two Wall Street books are timely reading: "How Wall Street Fleeces America: Privatized Banking, Government (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

To View Comments or Join the Conversation:

Tell A Friend