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Skeptical Debunker

Volcker Rule: 5 Formery Treasury Secretaries Back Obama's Reforms - 0 views

www.huffingtonpost.com/...ule-5-treasury-s_n_472051.html

Volcker Rule endorsements ex-Treasury officials

shared by Skeptical Debunker on 22 Feb 10 - Cached
  • The ex-Treasury officials, who served both Republican and Democratic administrations, wrote that the reform measure, which would prohibit commercial banks from owning or investing in hedge funds, private equity funds or "proprietary trading" operations, is a reasonable trade for the benefits banks reap from "public support by means of access to the Federal Reserve and FDIC insurance." And while the rule may not alone prevent the next financial crisis, they said it's a crucial part of a more expansive regulatory reform package: "We fully understand that the restriction of proprietary activity by banks is only one element in comprehensive financial reform. It is, however, a key element in protecting our financial system and will assure that banks will give priority to their essential lending and depository responsibilities."
  • Skeptical Debunker on 22 Feb 10
     
    The 'Volcker Rule' got fresh support this morning when five former Treasury Secretaries endorsed the key financial regulation in a letter to the Wall Street Journal.
Ian Schlom

Obama nominates Jacob Lew, budget-cutter and ex-banker, to head Treasury - 0 views

www.wsws.org/...jlew-j11.html

capitalism news US Obama 2012

shared by Ian Schlom on 11 Jan 13 - No Cached
  • Ian Schlom on 11 Jan 13
     
    in the article: US President Barack Obama announced the nomination of current White House chief of staff Jacob Lew as treasury secretary Thursday, underscoring the administration's commitment to slashing entitlements and its domination by Wall Street. Lew, a longtime Washington operative and former Wall Street executive, helped negotiate cuts to Social Security with the Reagan administration in 1983, worked to slash social spending in the Clinton administration's Office of Management and Budget (OMB), and served as the Obama administration's point-man in budget-cutting negotiations with congressional Republicans. Prior to joining the Obama administration in 2009, he earned millions of dollars as the chief operating officer of Citigroup's Alternative Investments unit, which made bets against the housing market as it collapsed. Holy shit. That's maybe all one needs to read of this article. That's pretty ridiculous.
alex thorn

Treasury's Plan Would Give Fed Wide New Power - New York Times - 0 views

www.nytimes.com/...29regulate.html

bank bilderberg central bank elite fed federal reserve rockefeller

shared by alex thorn on 29 Mar 08 - Cached
  • Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis.
    • alex thorn
      alex thorn on 29 Mar 08
       
      Notice how the Democrats are only angry about the lack of restrictions on the practices that "caused the mortgage crisis," rather than the overall problems with the unregulated and arbitrary power of the Federal Reserve.
  • alex thorn on 29 Mar 08
     
    The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
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