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Senator Scott Brown (R-MA) Wins Special Election on January 19, 2010 to Fill Edward Kennedy's Seat
Tea Party Republican Protects Wall Street Banksters
Senator Scott Brown's backroom deal allows Big Banks to invest up to 3% of capital in proprietary trading or hedge funds. The proposed Volcker Rule would have banned this practice. Funny thing is, the Wall Street Banksters are already investing less than 3% of capital, so this is a ineffective limitation. However, a Too Big To Fail Bank can still fail even with the 3% limitation. That's where you and me come in, to pay for future failures once again. After all is said and done on this financial regulatory reform, the existing version is more said than done.
So far, the Financial Regulatory Reform is a sham to placate American taxpayers while Wall Street goes on their merry, free, and profitable way.
Dylan Ratigan: Brown's Bank Bill Loophole
Brown Ensures Banks Keep Making Risky Bets
Also in this video, for seeing how Washington really works, Senator Carl Levin (D-MI) blocks Earmark Transparency Legislation by Senator Tom Coburn (R-OK). Transparency too tough? Finally, the son of Harry Reid (D-NV), Rory, distances himself from his father in a political campaign for Nevada Governor.
Links
Why Wall Street Will Love The 3% Solution in Reform Bill (CNBC)
Bill Isaac Says Financial Reform Won't Stop Next Crisis (Wall Street Pit)
Banking and Trading Don't Mix: Volcker (CNBC)
Bill Isaac is former Chair of FDIC, Paul Volcker is former Chair of the Federal Reserve
About Senator Scott Brown (R-MA)
Scott Brown upon being elected to U.S. Senate in Connecticut: “I have always just wanted to go down and solve the problem regardless of party”. That translates to solving problems of Big Banks, but not the problems of USA Taxpayers who just keep on paying for a rigged system that Senator Brown is intent on preserving. "They keep the money, you get the bill"- Dyaln Ratigan.
In Brown's first appearance as a Massachusetts Senator, he stated:
“I am very thankful for the tea party’s support," said Brown, according to the Boston Herald. "If I didn’t have the support of all different types of groups, I never would have been elected. I was sent here by the Tea Party members -- and everyone else -- to do my job. My role now as an elected official is to do my job.”
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