Money

House Passes Government Funding Bill with Bankster Derivatives Bailout Provision

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The U.S. Capitol

House Republicans have pushed through a 1,600 page, $1.1 trillion dollar government spending bill containing a Citibank shepherded provision that puts the Federal Deposit Corporation on the hook for financial derivatives losses.

 

It passed late Thursday by a 219-206 vote.

Republicans who opposed the bill did so because it failed to block Obama’s executive actions on immigration. House Democrats opposed the banking provisions and the easing of restrictions on contributions by big donors.

Obama disciplined wavering Democrats and instructed them to vote for the legislation. The bill now moves to a Democrat controlled Senate where it is expected to pass.

Banksters also leaned on Congress:

The provision was so important to the profits at (nation’s biggest banks) that J.P.Morgan’s chief executive Jamie Dimon himself telephoned individual lawmakers to urge them to vote for it, according to a person familiar with the effort.

“At least we now know with certainty that to a clear majority in Congress – one consisting of republicans and democrats – the future viability of Wall Street is far more important than the well-being of their constituents,” Zero Hedge writes this morning.

(Read the rest of the story here…)

 
  • DJohn1

    If there was any doubt as to whom the Congress represents it now appears to be over.
    The question is why they did not wait until after the new Congress came in?
    It is full of Republicans. The Republicans have a reputation for being representatives of the wealthy.
    That they are also reputed to be representatives of the Christians is also there.
    Yet they are voting for many things that any Christian educated in these things would never vote for . . .
    Well, now the truth is coming out and it is not a welcome truth.
    Tweedle Dee and Tweedle Dum are indeed twins and they are voting the same way on vital issues.
    So no matter which twin you voted for, you have virtually the same crowd in power.
    That in effect nullifies the electorate vote just done.
    I expect the new year to be a very interesting story of the new congress vs the old.