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Cloture Vote for Financial Regulation Scam

CrusaderFrank

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Ben Nelson is shilling for Warren Buffett who wants an exemption from the derivatives trading disclosures
 

CrusaderFrank

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Quite frankly, I care not how this garbage goes down, as long as it does so.

It's 57-41.

Harry Reid just voted "nay"...WTF?

Reid is very forgetful. He probably meant to vote "I'm smart enough, I'm good enough and dog gone it people like me!"
 

Old Rocks

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Now Dooodeee...... don't openly display your ignorance on procedure in the Senate, your displayed ignorance already covers enough subjects.
 

Paulie

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All the facts aren't even known yet about the whole derivatives mess, but that certainly doesn't stop the government from trying to further regulate it.

It's not like the government is known for conscientious fact-finding before passing bills anyway.

Just another day in DC.
 

Truthmatters

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This one is going to be hilassarious.

The right wing idiots siding with the big coprs who fucked us over and then hedged the bets for watching us crash and burn. They made money on our hides coming and going and these idiots rush to their defense.

Can you say vote killing issue for the right.
 

RetiredGySgt

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Oddball

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Oddball

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President Obama (Open Secrets)
Goldman Sachs $994,795
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
UBS AG $543,219
Morgan Stanley $514,881

Harry Reid (Open Secrets)
Apollo Advisors $66,900
JPMorgan Chase $61,100
Blackstone Group $55,700
Fidelity (FMR Corp) $43,200

Chuck Schumer (Open Secrets)
Credit Suisse Group $63,650
New York Life Insurance $49,300
MBF Clearing Corp $48,000
Pershing Square Capital Management $36,999 (Hedge Fund)
Blue Ridge Capital $36,000 (Hedge Fund)
Newmark Knight Frank $35,700

Democratic Party Problems with Goldman Sachs – Obama accepted $994,795 in campaign contributions. | Monroerising.com
 

boedicca

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Ben Nelson is shilling for Warren Buffett who wants an exemption from the derivatives trading disclosures


Actually, the exemption for Warren Buffett makes sense. The derivatives in which Berkshire Hathaway engages are for its own portfolio companies to hedge against energy cost risks. That's what utilities, airlines, railroads etc. do. They are not trading derivatives to bet against their own customers (which is what GS did).

The problem with this type of legislation is that the punishments it doles out to perfectly honest businesses are far more costly than what is meted out to the guilty. And no wonder GS is lobbying for the bill:

But the company's position, said a person close to Berkshire, is that the new language will aid the majority of companies that legitimately use derivatives to insure against risks. Under the original wording, hundreds of major U.S. businesses, not just Berkshire, might have been hurt by the requirement that collateral be posted for existing contracts, said the person close to Berkshire. If the language isn't amended, the big beneficiaries would be Wall Street firms that create the derivatives. That's because if the businesses have to post collateral, the Wall Street firms can dispense with buying their own insurance against a default on the instruments.

Deal Near on Derivatives as Warren Buffett's Berkshire Presses for Eased Curbs - WSJ.com
 

boedicca

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And here's what Chris Dodd has included for his Cronies:

But the section of the bill most littered with exemptions is probably the proposed consumer-protection bureau. In some instances, these exclusions actually roll back existing consumer protections.

Remember the mortgage crisis? Well, the primary consumer-protection law for homebuyers is the 1974 Real Estate Settlement Procedures Act. The law requires the timely, accurate disclosure of relevant closing costs and prohibits "kickbacks" for the steering of settlement services.

For example, your real-estate agent cannot, under RESPA, be paid a fee for steering you toward a certain home inspector, title company or other closing service. Yet, under the Dodd bill, real-estate agents would be exempted from RESPA. If that weren't bad enough, the Dodd bill exempts insurers and attorneys -- both now subject to RESPA -- from its consumer protections, too.

Having spent some time running the RESPA office at US Department of Housing and Urban Development, I can tell you its biggest lawbreakers are title-company and real-estate agents. It's hard not to conclude that having the largest political-action committee in Washington has turned out to be a smart move for the National Association of Realtors.

Attorneys, insurers and real-estate agents aren't the only ones exempted from the bill's consumer-protection provisions. The Farm Credit System, a government-sponsored lender that directly competes with banks, is excluded, too. Perhaps this should come as no surprise, because Fannie Mae and Freddie Mac, those crackerjack institutions at the heart of the mortgage meltdown, are also exempt. Worse yet is that Wall Street is exempted from the reach of the proposed consumer-protection agency -- its regulation will remain with the Securities and Exchange Commission, which proved itself asleep at the switch during this last period of financial shenanigans.


Chris Dodd's carve-outs for cronies - NYPOST.com
 

AquaAthena

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Ben Nelson sez "nay".

Looks like it's going to crash and burn.

He'll cave. Dems always do. They like to string people along. `Sides, didn't he say he was waiting until he read the bill???? lol This would be unlike the health care bill, where, "let's just sign it so we can see whats in it."

This bill will pass.
 

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