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Saturday, May 22, 2010

Let's Fix Financial Reform: Dylan Ratigan

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Financial System Reform: How You Can Ensure An Effective Political Solution

You may not know it, but Dylan Ratigan is trying to protect you and me and the future of America.  A mighty battle is being waged in Congress over financial system reform.  On one side is Wall Street and their Congressional supporters.  They are trying to compromise the financial regulatory reform bill, call it reform in name only, sell this faux reform to the public, and go back to business as usual - massive profits and bonuses for both the Banksters and Politicians.  On the other side are the true reformers who represent the USA Taxpayers and future generations of Americans.  I have summarized what Dylan Ratigan said below the video.

Below: Dylan Ratigan provides a checklist for financial reform and explains what real financial reform is, and how Americans can make this a reality.



Video Summary: Amendments to Support!  Take Action! These 4 amendments are in your and your childrens' best interests.  These 4 sponsors are truly representatives of Americans on financial reform.

Rating Agencies Amendment by Senator Al Franken (Democrat-Minnesota)
Eliminates conflict of interest between rating agencies (S&P, Moody's, Fitch) and Wall Street (Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America, Citigroup, et. al.)

Capital Requirements Amendment by Senator Susan Collins (Republican-Maine)
Requires Wall Street to have higher capital requirements, that is, maintain larger reserves.

Audit The Federal Reserve Bank Amendment by Representative Ron Paul (Republican-Texas)
Requires more transparency for the Fed and disclose where USA Taxpayer money was disbursed.

Derivatives Regulation by Senator Blanche Lincoln (Democrat-Arkansas)
Banking and derivatives do not mix, period.  Either be a bank or brokerage or be regulated tightly.

Editorial by James Grant (Washington Post) mentioned by Dylan Ratigan at end of video
The best financial reform? Let the bankers fail

About Me: I have over 30 years financial system experience, including CFO of a life insurance company, external bank & credit union auditor and consultant, and have even trained bank and credit union staff and regulatory examiners in policies, procedures, and compliance.  The financial system has changed dramatically over my career.  The system is rigged for the large financial institutions through buying the politicians through huge contributions and lobbying.  Want to see which politicians are being paid off and who is paying them off?  Go to http://www.OpenSecrets.org/.  Keep in mind OpenSecrets.org only knows what is technically legal for politicians to report as contributions from Wall Street Banksters, Big Oil, et. al.


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