Banking and Insurance regulation???

[RodISHI]

What would you ask your elected representative to do in the way of regulating the insurance and banking industries?

Suggestions anyone?

 

[Bullypulpit]

Re-instating the provisions of The Banking Act of 1933, also known as the Glass-Steagall Act, gutted by the Gramm-Leach-Bliley Act of 1999, for starters. Ban derivatives for dessert.

 

[RodISHI]

Re-instating the provisions of The Banking Act of 1933, also known as the Glass-Steagall Act, gutted by the Gramm-Leach-Bliley Act of 1999, for starters. Ban derivatives for dessert.

I agree. I'm wondering why congress has not at least gotten this part done yet?

 

[DamnYankee]

Re-instating the provisions of The Banking Act of 1933, also known as the Glass-Steagall Act, gutted by the Gramm-Leach-Bliley Act of 1999, for starters. Ban derivatives for dessert.

I agree. I'm wondering why congress has not at least gotten this part done yet?

Probably because, for all their talk of "representing", they do very little of it. Actually, I've worn out my email server with letters to my "reps", to no avail -- regardless of the issue. Either I'm severely outnumbered, or they just don't give a damn about what their constituents think. In fact, only one (Congressman Rothman) even takes the time to respond.

I agree with the previously stated, BTW. Where the "talk" comes in is doing something about the lobbies and SIGs that were a significant contributor to the problem (lack of regulation) -- rather than continuing to look the other way. How many times have we heard it? How many more times will we hear it but fail to see action? Not only from Congress, but from the new President who promised a new way of doing business in Washington?

Wall Street Watch

Obama also promised "adult leadership". Instead of leading the masses around like the Pied Piper, with empty promises meant to fill empty heads, a leader of Congress would be appropriate.

 

[Annie]

What would you ask your elected representative to do in the way of regulating the insurance and banking industries?

Suggestions anyone?

Stop with the bailouts.

 

[Annie]

Re-instating the provisions of The Banking Act of 1933, also known as the Glass-Steagall Act, gutted by the Gramm-Leach-Bliley Act of 1999, for starters. Ban derivatives for dessert.

I agree. I'm wondering why congress has not at least gotten this part done yet?

Probably because, for all their talk of "representing", they do very little of it. Actually, I've worn out my email server with letters to my "reps", to no avail -- regardless of the issue. Either I'm severely outnumbered, or they just don't give a damn about what their constituents think. In fact, only one (Congressman Rothman) even takes the time to respond.

I agree with the previously stated, BTW. Where the "talk" comes in is doing something about the lobbies and SIGs that were a significant contributor to the problem (lack of regulation) -- rather than continuing to look the other way. How many times have we heard it? How many more times will we hear it but fail to see action? Not only from Congress, but from the new President who promised a new way of doing business in Washington?

Wall Street Watch

Obama also promised "adult leadership". Instead of leading the masses around like the Pied Piper, with empty promises meant to fill empty heads, a leader of Congress would be appropriate.

Hey, Senator Durbin responded by thanking me for supporting him and Obama, though I didn't and made that clear.

 

[Toro]

- Require that all liabilities be reported on the balance sheet
- Require a high amount of equity capitalization
- Require CDS to be traded on an exchange
- Require adequate reserves for all over the counter derivatives
- Force the divestiture of the mega financial institutions. No institution should be too big to fail.
- Require all hedge funds to be registered

 

[AVG-JOE]

Is there a reason we don't borrow a bit of cabbage from the Chinese and open up our own credit union?

Considering what oversees it, Social Security is a pretty efficiently run insurance company... Why not expand it into property insurance? Nothing exotic - leave that for private risk... just real property.

The People are the source of funds for property disasters large and small anyway - we might as well profit from it instead of buying insurance executives Mercedes automobiles and letting them quit covering property in high risk areas when they feel the risk or exposure is getting too high.

-Joe

 

[RodISHI]

I agree. I'm wondering why congress has not at least gotten this part done yet?

Probably because, for all their talk of "representing", they do very little of it. Actually, I've worn out my email server with letters to my "reps", to no avail -- regardless of the issue. Either I'm severely outnumbered, or they just don't give a damn about what their constituents think. In fact, only one (Congressman Rothman) even takes the time to respond.

I agree with the previously stated, BTW. Where the "talk" comes in is doing something about the lobbies and SIGs that were a significant contributor to the problem (lack of regulation) -- rather than continuing to look the other way. How many times have we heard it? How many more times will we hear it but fail to see action? Not only from Congress, but from the new President who promised a new way of doing business in Washington?

Wall Street Watch

Obama also promised "adult leadership". Instead of leading the masses around like the Pied Piper, with empty promises meant to fill empty heads, a leader of Congress would be appropriate.

Hey, Senator Durbin responded by thanking me for supporting him and Obama, though I didn't and made that clear.

IMO they don't actually read the letters. They just send out form letters to show your voice really means nothing to them.

When we wrote letters we recieved a response that told us what a good job they were doing concerning something that we were vehemently opposed to. They don't listen, they don't think, but they sure as hell all think that they are irreplaceble and untouchable and very much unaccountable.

 

[RodISHI]

If I had the ability to go to Washington and lobby for the Glass Steagal Act to be reinstated I'd be there.

There is no end in sight for the monster growing eeven bigger and more powerful.

Insurance and banking should never be able to combine into such a hugh monopoly that it has the ability to the control industry. Now along with controlling the money and the insurance industry they are going after control of the construction industry. If a small contractor has to depend on surety bonds being written by these guys they can kiss having a fair and equal chance out the window. This is not a level playing field!

If congress won't put stop to this soon you can kiss freedom goodbye people.

Wells Fargo Acquires North Coast Surety Insurance ServicesProvider of Surety Bonds for Public Works
CHICAGO--(Business Wire)--
Wells Fargo Insurance Services, Inc. - part of Wells Fargo & Company (NYSE:WFC)
- has acquired the assets of North Coast Surety Insurance Services and North
Coast Surety Technologies on April 1. Terms were not disclosed.

Based in Novato, Calif., North Coast Surety Insurance Services has provided
surety bonds for public works contractors since 1994. Dixon Wright, who owned
the company, now manages surety operations for Wells Fargo Insurance Services in
the San Francisco Bay Region. He reports to Brian Hetherington, regional manager
for Wells Fargo Insurance Services in the San Francisco/South Bay region.

"As a leader in providing surety programs, we`re excited to welcome North Coast
Surety Insurance Services to Wells Fargo," said H. David Wood, executive vice
president of the Western Area for Wells Fargo Insurance Services. "The
combination will fill our customers` surety needs better than ever."

"This continues to demonstrate Wells Fargo`s commitment to the insurance
business and the greater construction business in the Bay Area," said Brian
Hetherington, regional brokerage manager. "Dixon`s experience and his technology
vision are two areas that will help our business move to the next level under
the Wells Fargo umbrella."

Wells Fargo Insurance Services, Inc. (with Wachovia Insurance Services), is the
fifth-largest insurance brokerage and the largest bank-owned insurance brokerage
in the United States, with 200 offices in 37 states. Its 9,600 insurance
professionals place $15.5 billion of risk premiums with expertise in property,
casualty, benefits, international, personal lines and life products.