Another take (from Rolling Stone) on the risky business that the budget bill is bringing to the American taxpayer. If Citi Group or JP Morgan/Chase and Jamie Dimon want to throw billions into derivatives, they could, but now they can again do so with the guarantees that come with the FDIC.Although Dodd-Frank did not reinstate Glass-Steagall, it did require the banks to play with their own money. Now that protection is gone and the Volker Rule may be next. the article talks about the power of contributions from the financial services sector. When I was a Member of Congress, serving on the financial services committee. I would see the Citi group lobbyist nearly every day the committee was in session, and elsewhere. He often offered me political contributions, which I did not take. Chase and other banking organizations funded Steve Stivers.
Posted on: Mon, 15 Dec 2014 20:13:06 +0000
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