Does this mean the banksters have finally won? [View all]
While having my coffee I came across this...
"Banks Lobbyists Help in Drafting Financial Bills.."
"WASHINGTON Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves.
One bill that sailed through the House Financial Services Committee this month over the objections of the Treasury Department was essentially Citigroups, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation.
In a sign of Wall Streets resurgent influence in Washington, Citigroups recommendations were reflected in more than 70 lines of the House committees 85-line bill. Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word. (Lawmakers changed two words to make them plural.) "
http://dealbook.nytimes.com/2013/05/23/banks-lobbyists-help-in-drafting-financial-bills/