Derivatives Proposal Gets Watered Down By Dodd At The Last Minute

Washington Post:

Without announcement or fanfare, the Connecticut Democrat -- chairman of the Senate banking committee and chief architect of the pending legislation -- was quietly trying to resolve one of the few remaining disputes that could impede the passage of the landmark bill: a disagreement over financial instruments called derivatives that has sent shudders through Wall Street.

At issue was a single section a third of the way through the massive 1,400-page bill that could force a handful of the nation's biggest banks to spin off their billion-dollar businesses in trading derivatives.

Read the whole story: Washington Post

Comments

[TruelyFedUp]

07:19 PM on 05/19/2010

Dodd, go stick your head up a dead bear's bum.

Truly

[outofstepper]

05:47 PM on 05/19/2010

This paragraph says in no uncertain terms that Dodd is on the payroll of Wall Street;

"Without announcement or fanfare, the Connecticut Democrat -- chairman of the Senate banking committee and chief architect of the pending legislation -- was quietly trying to resolve one of the few remaining disputes that could impede the passage of the landmark bill: a disagreement over financial instruments called derivatives that has sent shudders through Wall Street."

He is watering it down because it sent shudders through Wall Street.

[DDKAHALAS]

10:58 PM on 05/19/2010

Dont worry.. If the Banksters dont finish us off there is also the possibilty of world drought and famine also the chance of massive earth changes including tidal waves earthquakes and maybe volcanoes..if that doesnt do it we always have iran and israel or india and pakistan.. If that doesnt work im sure someone will think of some other way. yes they seem to be dead set on having their way.anything to continue to pour the wealth to the elite and poverty to the rest of us.

[amacd]

03:48 PM on 05/19/2010

Generalized answer: Yes, Empire. No, regulation!

There will be no regulation of the Global Empire --- financial, ecological, social, military, legal or otherwise.

The Global corporate/financial/militarist Empire that controls 'our' country does not want, and will not suffer, regulation of any kind to get in its way!

Best luck against this Empire,
Alan MacDonald
Sanford, Maine

[WalterJesseSmith]

03:48 PM on 05/19/2010

Only a fool would expect Dodd to do the right thing. The question is where are the democrats when you need them? Hiding behind Dodd's retiring skirts, that's where! Gaggle of wimps, and let's hope they get just as trounced as the republicans who they fear as if the republicans had anything on offer to fear. Sleaze is sleaze no matter which party cuts it sleazy.

[Kassandra]

02:19 PM on 05/19/2010

Everyone needs to read this too:
Livestreaming the Closed Door Debt Commission
http://seminal.firedoglake.com/diary/49102

we're being sacked

[Kassandra]

02:16 PM on 05/19/2010

Dodd's one of the Reagan Democrats who've helped destroy this country.
At least he didn't get his"commission" to"study" it for tow years. What hogwash. He needs to go too...if we have anything to say about it after Citizens United

[lightningbolt]

01:18 PM on 05/19/2010

We will never get a decent financial reform bill unless we remove the ability of banks to bribe politicians. We should be solving the campaign finance/bribery problem BEFORE we try to solve any other problems. If we can make bribery illegal, solving every other problem this country has will be much easier since the force of corporate bribery will be greatly reduced.

[BobsNotWorking]

01:18 PM on 05/19/2010

The problem isn't that they'd have to spin off these businesses, but rather that they would be forced to stop gambling with federally insured deposits. In other words, OUR MONEY! Am I annoyed? You bet I'm annoyed. Those are our elected representatives up there bowing down to the very criminals who have already robbed our society of trillions of dollars. Do the thieves want to stop? Of course not! The only thing powerful enough to stop them is our government. We the people. Now our representatives are going to sell us out!

[3dtrix]

01:04 PM on 05/19/2010

Imagine a payroll train commandeered by bumbling hijackers so blinded by greed they lost control of it as it careened down a mountainside. A sheriff gallops up and leaps onto the train, subdues the hijackers, and at the last possible moment - AFTER several cars have tumbled into the void - brings the train slowly under control and to a safe stop.

The above scenario - as recounted by GOP operatives - was a "government takeover" of the train...

[keepyourheaddown*]

01:02 PM on 05/19/2010

Dodd = nothing but a CROOK AND A LIAR!

[william1961]

01:02 PM on 05/19/2010

yep...where are the dodd supporters and seiu..are the they going to go dodd's house

[trust2020]

12:55 PM on 05/19/2010

Coffee Party - Wall St. Emergency: Stand Up for Main St.
http://www.youtube.com/watch?v=X7oQvI5zHLI

[almost homeless]

12:53 PM on 05/19/2010

Folks, it's plain and simple. The only way the people will take back this country is to vote all these clowns out of office and then rewrite every law they have ever written. American laws are bought and paid for by big corporations with perverted ties to elected criminals, end of story, and not even worht discussung anymore. Vote everyone of these crooks out of office and then chnage every law, and then investigate each and everyone of them for criminal charges.

[PhobiaPhobia]

12:58 PM on 05/19/2010

Yes, but how do we keep the corporations out of the mix for the next group of elected officials? Seems like all we would be doing giving a new coat of paint to the same old car.

[Kassandra]

02:21 PM on 05/19/2010

Yeah, at that level, I really wonder how much influence we have now that they've taken all our money and sent our jobs overseas?

[fortytwo]

01:45 PM on 05/19/2010

I think that's a pretty broad brush you're painting there. I'm proud of my state's senators (Kohl/Feingold) and I think there are some really legit good people out there - Anthony Weiner, Alan Grayson, Wyden, and I even think a couple of Repubs - Issa, Christ (ex-goper).

I do agree though that a good percentage of the LEADERSHIP on both sides seems to be beholden to big business. But govt is we the people and of the people. So our corporations so I'm not surprised that people who are in it to make money end up in places of power and then use that power to influence other people in power.

Throwing out all the bums sounds great and fun...but like people have been saying -- until there is a credible way to really restrict the money in lobbying and politics the same sort of people will be back in. Campaign finance reform is really the slogan we should be pitching as a people.

[kgMA]

01:55 PM on 05/19/2010

Throwing out all the bums sounds great and fun...

Better idea! Throw them in jail!

[GerryOregon]

12:49 PM on 05/19/2010

Too bad Dodd chooses to end his Senate career as a corporate who#re using little tricks to sabotage the bill. He could leave office with some dignity if the bill was left with some teeth in it. But no, Dodd wants the cushy job with the banking industry when his term ends.

I believe, as with other old incumbent Democrats that he underestimates the rage against their subservience to corporate power at the expense of the American people. Blanche Lincoln just got a taste of it.

[karmical]

12:52 PM on 05/19/2010

Exactly.. this greasy hack is setting himself up for a lucrative post-Senate post inside the very industry he purports to regulate. That's the only logical conclusion to be reached here.

For shame...

[heartlandjim]

12:46 PM on 05/19/2010

Washington is bought and paid for by Wall Street. The sleaze of this bill is worse than a cheap porno film!!!!

[Bloggerrogr]

01:50 PM on 05/19/2010

"jim";
at least with a cheap porno film I know that I am going to have a "happy ending".

FWIW