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Selling Out America to Wall Street

By       Message Stephen Lendman       (Page 1 of 14 pages)     Permalink

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Selling Out America to Wall Street - by Stephen Lendman


Project Censored's top 2010 story was "US Congress Sells Out to Wall Street," highlighting that since 2001, "eight of the most troubled firms have donated $64.2 million to congressional candidates, presidential candidates and the Republican and Democratic parties." It's no surprise that they own them, what Wall Street Watch.org showed in a March 2009 Essential Information and Consumer Education Foundation report titled,"Sold Out: How Wall Street and Washington Betrayed America."

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The accompanying press release said:


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Over the past decade, "$5 billion in political contributions bought Wall Street freedom from regulation, (and) restraint." From 1998 - 2008, "Wall Street investment firms, commercial banks, hedge funds, real estate companies and insurance conglomerates (the FIRE sector)" spent over $1.7 billion in political contributions and another $3.4 billion on lobbyists, in return for which:


-- they were freed from regulation;


-- could speculate on financial derivatives and an alphabet soup of securitized garbage, including asset-backed securities (ABSs), mortgage-backed securities (MBSs), collateralized mortgage obligations (CMOs), collateralized debt obligations (CDOs), collateralized bond obligations (CBOs), credit default swaps (CDSs), and collateralized fund obligations (CFOs) - combined, sliced, diced, packaged, repackaged, and sold in tranches to sophisticated and ordinary investors, many unwittingly through mutual funds, 401(k)s, pensions, and the like;


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-- could merge commercial and investment banking and insurance operations;


-- bilk investors and the public through fraudulent schemes; and

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