Elizabeth Warren Stands Outside Fenway, in the Cold, Shaking Hands. (PHOTO)

[karynnj]

31. True - and he gave the banks a $19 billion gift as part of his price for

voting for Dodd/Frank.

Before it was changed to get Brown's vote, the too big to fail financial companies were suppose to pay a tax that would create a fund that would be used if a future bailout was needed. Brown insisted that returned TARP money (ie tax payer money) be used instead.

I assume that, though this is complicated, we will hear a lot about this it is not clear that Brown made anyone happy with that. The conservatives and the banking/Wall Street interests preferred that Dodd/Frank fail and there be no new regulations. In addition, one way to phrase what this does is to say that Brown, singlehandedly, already approved and funded the next TARP bailout - even as the conservatives still argue that TARP was evil.

At the time, I really really wished that Feingold - seeing the alternative - would have offered his vote and given a speech on all the shortcomings of the bill. This would have avoided weakening the Volker rule and saved the government this $19 billion, but it should now be turned against Brown.