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| Dodd bill has unlimited executive bailout authority |
| 2010-04-20 |
| Brad Sherman Congressman (D-Calif.), member of House Financial Services Committee: (Interview with POLITICO's David Mark) Q: How can Democrats get out ahead of the Goldman Sachs story politically? A: We can say, “No taxpayer money to Wall Street firms, their creditors and the counterparts.' Then we go to the voters and tell them there's no money for Wall Street, but regulation instead. If you can't run on that slogan, you've got a problem. But there are serious problems with the Dodd bill. The Dodd bill has unlimited executive bailout authority. That's something Wall Street desperately wants but doesn't dare ask for. The bill contains permanent, unlimited bailout authority. Q: As an active member of the House Financial Services Committee were you surprised to see suspicious shorting – perhaps illegal – by a top financial services firm? A: Goldman is accused of hand-selecting bad mortgages to sell. If that's true it's absolutely outrageous. There are two issues here. First, did they mislead their clients into buying this type of mortgage rule? And second, did they hand-select the worst? |
| Posted by:gorb |
| #3 They can't lose, it's impossible. Losing money is only for the 'little people'. We prime the pump with our 401K money and they run off with all the money no matter what happens. This is/has created an entire generation that will be like my great grandfather, no use for banks, no use whatsoever for stock market investments. I don't know if I'll ever put any more money into the stock market. There doesn't seem to be any way for a non-institutional investor to get a fair shake. |
| Posted by: bigjim-CA 2010-04-20 14:23 |
| #2 It's basically a "nationalize all the remaining industries we missed in the first pass" bill. |
| Posted by: Thing From Snowy Mountain 2010-04-20 11:59 |
| #1 I want a bill the executes CITIBANK folks in the Credit Card dept..... and other like folk ... just on general principles of removing daemon spawn from the public environment. I went to them before going to Spain for 2 weeks to make sure everything was "A OK".... While in Spain they denied I made payments I did and raised the interest rate with no recourse. The phone support person was even more alien than India... (Wife is guessing Vietnam).... The jerks don't need bailouts... They need a Madame Defarge to place their heads in the proper perspective. |
| Posted by: 3dc 2010-04-20 11:08 |