Bankster Lobbyists Try to Sneak Derivatives Bailout in Budget Legislation

U.S. Capitol Building

More evidence Congress is a subsidiary of Wall Street and the banks.

On Friday Michael Krieger, the editor of Liberty Blitzkrieg, wrote about a behind the scenes effort by banksters to include a provision in government funding legislation that would make the Federal Deposit Corporation responsible for financial derivatives losses.

Last October, Krieger wrote about a similar push to put American taxpayers on the hook for bankster gambling losses:

Five years after the Wall Street coup of 2008, it appears the U.S. House of Representatives is as bought and paid for as ever. We heard about the Citigroup crafted legislation currently being pushed through Congress back in May when Mother Jones reported on it.

The main backer of the bill was Goldman Sachs operative Jim Himes, a Democrat member of the House of Representatives. Himes, Krieger wrote, “discovered lobbyist payoffs can be just as lucrative as a career in financial services.”

At the time, Himes and his colleagues launched a campaign to roll back 2010 Dodd-Frank Act, legislation showcased as a corrective for bankster abuse.

Instead, Dodd-Frank codified “too big to fail,” hammered small business, protected bankster investors, jacked up the prices consumers pay for bank services, interfered with basic market functions, and set the stage for the next economic disaster planned by the financial elite.

The effort by Himes and crew, according to Marcus Stanley, policy director of Americans for Financial Reform, would do “Wall Street’s bidding” and allow it to “write the law to its own benefit in ways that harm the public.”

(Read the rest of the story here…)

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