Financial Reform Is Being Dismantled. Why Doesn't Obama Seem to Care?


By Patrick   Follow   Sun, 24 Mar 2013, 4:34pm   862 views   31 comments
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http://www.newrepublic.com/article/112720/president-obama-and-dodd-frank-why-wont-he-defend-it

President Obama wants to consign the financial crisis to the past and delegate the implementation of financial reform to others in his administration. But he needs to get personally involved. Why? Because Senator Carl Levins recent hearing on the JP Morgan Whale showed that nothing has changed at the largest banks or the bank regulatory agencies since the run up to the financial crisis. In the early months of 2012two years after passage of the Dodd-Frank ActJP Morgan acted deceptively, regulators remained clueless, and investors were the last to know about the true magnitude of the banks $6.2 billion...

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  1. Blurtman


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    1   6:34pm Sun 24 Mar 2013   Share   Quote   Permalink   Like (6)   Dislike  

    Because he is in Wall Street's pocket? Please recall that soon after being elected to his first term, starting on the Leno show, and continuing thereafter, Obama claimed that Wall Street had committed no crimes. He had conducted absolutely no investigation at that point, so how would he have known? He was elected with Wall Street money, and obviously had their back.

  2. lostand confused


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    2   7:03pm Sun 24 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    When did Obama care? Not a single banker has gone to jail. I doubt any will under his term. Too big too fail have gotten bigger.

    I wish the republicans would regain their sanity and come back to the center-we need a competent , sane counter party to the dems.

  3. mell


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    3   7:18pm Sun 24 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    Impeach that clown brigade already.

  4. Quigley


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    4   7:40pm Sun 24 Mar 2013   Share   Quote   Permalink   Like (7)   Dislike  

    We need a valid third party. The two party system has been proven to be utterly broken. It is much too easily led astray and manipulated by the wealthy and the connected. Now the media is owned wholly by wealthy aristocracy who decide what is news. So any attempt at raising a valid third party will be quashed by endless news stories about how they are a bunch of idiot radicals.
    There never will be a third party. The big money is firmly against it.

  5. thomaswong.1986


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    5   7:47pm Sun 24 Mar 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Patrick says

    In the early months of 2012two years after passage of the Dodd-Frank ActJP Morgan acted deceptively, regulators remained clueless, and investors were the last to know about the true magnitude of the banks $6.2 billion...

    some times a hedge will work .. and sometimes it doesnt .. this is an example when it doesnt.. may not have been deceptive, it just didnt work.

  6. thomaswong.1986


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    6   7:49pm Sun 24 Mar 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Quigley says

    Now the media is owned wholly by wealthy aristocracy who decide what is news.

    like who owns NBC, CBS Wash Post, NYT, etc etc etc.. pretty much all
    are screaming liberal run news organization.

  7. The Professor


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    7   9:22pm Sun 24 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    thomaswong.1986 says

    like who owns NBC, CBS Wash Post, NYT, etc etc etc..

    Now the media is owned wholly by wealthy aristocracy who decide what is news.

  8. ELC


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    8   1:47pm Mon 25 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    lostand confused says

    I wish the republicans would regain their sanity

    If they did they wouldn't be Republicans.

  9. iwog


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    9   2:50pm Mon 25 Mar 2013   Share   Quote   Permalink   Like (4)   Dislike (2)  

    lostand confused says

    When did Obama care? Not a single banker has gone to jail. I doubt any will under his term. Too big too fail have gotten bigger.

    Every time I see this statement, I always ask the same question: Go to jail for what?

    Republicans have created an environment where the most serious "crimes" by banks are perfectly legal. Selling toxic mortgages as AAA rated bonds? It's not illegal. Giving money to the unemployed to buy million dollar homes? Perfectly within the law. Financial weapons of mass destruction called derivatives? A weak attempt to regulate them was beaten down by the Ayn Rand disciple Alan Greenspan and they can be freely bought and sold.

    Republicans and to some extent free market Democrats handed the country back to the entrenched nobility we threw out in 1776. NOTHING WILL CHANGE until Republicans are removed from power.

    Have you seen the new Ryan budget the House just passed? Still think Democrats and Republicans are the same?

  10. Blurtman


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    10   4:16pm Mon 25 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    It is illegal to knowingly make misrepresentations about securities you sell.

  11. iwog


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    11   9:26am Tue 26 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    Blurtman says

    It is illegal to knowingly make misrepresentations about securities you sell.

    I doubt there was any misrepresentation. Why would a bond trader have to say anything other than "This mortgage bond is rated AAA by an independent rating agency!"

    That's not a misrepresentation, that's a fact.

  12. errc


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    12   9:35am Tue 26 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    There are no facts, only (mis)interpretations

  13. joe blow


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    13   7:29pm Wed 27 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    iwog says

    Republicans have created an environment where the most serious "crimes" by banks are perfectly legal. Selling toxic mortgages as AAA rated bonds? It's not illegal. Giving money to the unemployed to buy million dollar homes? Perfectly within the law. Financial weapons of mass destruction called derivatives? A weak attempt to regulate them was beaten down by the Ayn Rand disciple Alan Greenspan and they can be freely bought and sold.

    Professor William Black who was involved in the savings and loan debacle disagrees with you. He says the gov has dropped the ball.

  14. thomaswong.1986


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    14   12:38am Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    The Professor says

    thomaswong.1986 says

    like who owns NBC, CBS Wash Post, NYT, etc etc etc..

    Now the media is owned wholly by wealthy aristocracy who decide what is news.

    pretty shitty aristocracy... ABC, CBS or NBC are nothing what there were decades ago.
    its more like People Magazine TV.

  15. thomaswong.1986


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    15   12:47am Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    iwog says

    Republicans and to some extent free market Democrats handed the country back to the entrenched nobility we threw out in 1776. NOTHING WILL CHANGE until Republicans are removed from power.

    Barney Frank in 2005: What Housing Bubble?

    "We will continue to push for home ownership"

    Timeline shows Bush, McCain warning Dems of financial and housing

    Democrats in their own words Covering up Fannie Mae, Freddie Mac


    .

  16. taxee


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    16   3:44am Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    Blurtman says

    Because he is in Wall Street's pocket? Please recall that soon after being elected to his first term, starting on the Leno show, and continuing thereafter, Obama claimed that Wall Street had committed no crimes. He had conducted absolutely no investigation at that point, so how would he have known? He was elected with Wall Street money, and obviously had their back.

    Probably wanted to avoid the old 'bullet to the head' routine.

  17. Robert Sproul


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    17   7:15pm Thu 28 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    joe blow says

    Professor William Black who was involved in the savings and loan debacle disagrees with you.

    In the Savings and Loan Heist of the '80s/'90s they marched 1000 bankers off to jail. This time thanks to regulatory and political capture "nobody committed any crimes" in a scam that was, maybe, 70 times as large.

    iwog says

    NOTHING WILL CHANGE until Republicans are removed from power.

    No change will come from within the two party system. They both vie for power and control only to facilitate the giveaway of the national treasure to the financial elites.
    Obama has assured himself the same payoff that Clinton got. A leap for his family, in one generation, to the bosom of the Oligarchy.

  18. iwog


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    18   7:20pm Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    thomaswong.1986 says

    Barney Frank in 2005: What Housing Bubble?

    "We will continue to push for home ownership"

    This is a total non-sequitur and has absolutely nothing to do with my point, the economy, or anything else. It's just dogma you were spoon fed and now it's all you can talk about.

    Robert Sproul says

    No change will come from within the two party system. They both vie for power and control only to facilitate the giveaway of the national treasure to the financial elites.

    Not true. I don't know how much more clear it can get. Obama and the Democrats raised taxes on the richest Americans. The financial elites saw their tax bill increase under protest from most Republicans.

    It's black and white.

  19. inflection point


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    19   8:55pm Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    IWOG,

    Sorry but Obama did not raise taxes on the richest Americans because their wealth does not come from income like the rest of us idiots who work for a living.

  20. thomaswong.1986


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    20   9:02pm Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    inflection point says

    IWOG,

    Sorry but Obama did not raise taxes on the richest Americans because their wealth does not come from income like the rest of us idiots who work for a living.

    like so many of 90% of the 1%which are famous movie, music, entertainment and sports stars get theirs from cash contracts for performance and certainly royalties.

    https://www.youtube.com/watch?v=5OhnQEP2Hl4

  21. thomaswong.1986


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    21   9:20pm Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    iwog says

    This is a total non-sequitur and has absolutely nothing to do with my point, the economy, or anything else.

    It has everything to do with your nonsense point, our current state of economic affairs and everything else.

  22. tr6


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    22   9:47pm Thu 28 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    SFace says

    And Obama is right so far, these tax has 0 impact to the rich. Its business as usual.

    Well, it's because Fed lowered rates quite a bit to allow everyone to refinance debts. If the Fed was not printing, raising taxes would have slowed things down.

    I think that taxes will still have to go up much more before we can get the budget deficit to a reasonable % of GDP.

  23. Quigley


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    23   6:25am Fri 29 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    Democrats: freedom to sit at home and get paid for 99 weeks and then get paid welfare for life. Obama will give you an apartment, a cell phone, Internet access, and maybe even cable. You'll get a handy debit card to buy food with. Deal a little weed, maybe a little meth, and you've got your (tax free) funny money to take your favorite ho out to Roscoe's Chicken and Waffles, or pick up that semiauto Glock nine you've been wanting!
    Truly, Democrat is the party to vote!
    Makes me wonder why I bother to work.

  24. errc


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    24   7:07am Fri 29 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    I fail to see what problem is solved by slightly raising taxes on high income earners?

  25. APOCALYPSEFUCKisShostikovitch


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    25   7:11am Fri 29 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Obama is a bankster scumbag. If he cared about justice, he'd appoint The Punisher as Comptroller of the Currency and Bill Black as Attorney General and Charles Manson as chair of the SEC.

  26. ELC


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    26   6:44pm Fri 29 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Quigley says

    Democrats: freedom to sit at home and get paid for 99 weeks and then get paid welfare for life. Obama will give you an apartment, a cell phone, Internet access, and maybe even cable. You'll get a handy debit card to buy food with. Deal a little weed, maybe a little meth, and you've got your (tax free) funny money to take your favorite ho out to Roscoe's Chicken and Waffles, or pick up that semiauto Glock nine you've been wanting!

    Truly, Democrat is the party to vote!

    Makes me wonder why I bother to work.

    You been watching too much TV. The statisics say it's the white ignorant Republican rednecks that are filling the welfare rolls.

    And ironically the ones that bitch the most don't even pay taxes or contribute to society. Pathetic.

  27. thomaswong.1986


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    27   7:08pm Fri 29 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    ELC says

    And ironically the ones that bitch the most don't even pay taxes or contribute to society. Pathetic.

    Apple Investing $300 Million in Austin, Texas to Add 3,600 More Workers
    Friday March 9, 2012 6:40 am PST by Eric Slivka
    The State of Texas today announced that Apple has committed to spend $304 million to expand its operations in Austin, seeking to add 3,600 employees to its facilities there.

    The new campus will more than double the size of Apple's workforce in Texas over the next decade, supporting the company's growing operations in the Americas with expanded customer support, sales and accounting functions for the region. In exchange for Apple's commitment to create these new jobs in Texas, the state has offered Apple an investment of $21 million over ten years through the Texas Enterprise Fund (TEF).

    http://www.macrumors.com/2012/03/09/apple-investing-300-million-in-austin-texas-to-add-3600-more-workers/

    ---------------------------------------------------------------------------------------------------

    Texas Instruments to Buy National Semiconductor for $6.5 Billion
    By MATT RICHTEL
    Published: April 4, 2011

    SAN FRANCISCO — Texas Instruments said Monday that it planned to acquire National Semiconductor for $6.5 billion in a deal that places a big bet on the increasing need to translate the physical world of humans into the digital form of computers and then back again.

    http://www.nytimes.com/2011/04/05/technology/texas-instruments-to-buy-national-semiconductor.html?_r=0

    -----------------------------------------------------------------------------------------------------------------------

    My former Silicon Valley based Tech Icon Advanced Micro Devices.. is no longer a CA company... nope... they are now a Austin, Tx based tech company. Sad but true,
    and this is a growing trend for the past 10-15 years now... either we move to Tx
    or they take over our companies... what you will have in the next 20 years are very economically poor
    liberal states ... with rather arrogant attitude...

    ------------------------------------------------------------------------------------------------------------------------

  28. Vaticanus


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    28   7:15am Sat 30 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    iwog says

    thomaswong.1986 says

    Barney Frank in 2005: What Housing Bubble?

    "We will continue to push for home ownership"

    This is a total non-sequitur and has absolutely nothing to do with my point, the economy, or anything else. It's just dogma you were spoon fed and now it's all you can talk about.

    Robert Sproul says

    No change will come from within the two party system. They both vie for power and control only to facilitate the giveaway of the national treasure to the financial elites.

    Not true. I don't know how much more clear it can get. Obama and the Democrats raised taxes on the richest Americans. The financial elites saw their tax bill increase under protest from most Republicans.

    It's black and white.

    Taxes are still, disproportionately paid by the lower income families and workers. If you are looking for real change you will have to look elsewhere. For example Obamacare represents a real tax increase, which incidentally again will be bourne disproportionately by the less affluent.

  29. curious2


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    29   1:35am Sun 31 Mar 2013   Share   Quote   Permalink   Like   Dislike  
  30. ELC


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    30   4:13am Sun 31 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    thomaswong.1986 says

    Apple Investing $300 Million in Austin, Texas to Add 3,600 More Workers

    Are they moving to Texas for the cheap Mexican labor?

    BTW, what does your avatar symbolize? I see blue and yellow ones like that on people's cars and wondered what it meant.

  31. curious2


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    31   9:11pm Sun 31 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    ELC says

    BTW, what does your avatar symbolize?

    You can read all about it on Mashable.

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