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Hoop Ojoop
01:18 PM on 05/11/2011
Anything entitled Dodd-Frank is bound to be corrupt. What does it matter when you have a president that chooses which laws to enforce. He ignores the law, he ignores the congress, he ignores the judiciary.
laura r
01:17 PM on 05/11/2011
Senator Carl Levin,

There is a big moral and legal issue in the whole financial mess.
What a sad day for American to repeat the past history of the Great depression.

First after the great depression, the banks did not want regulation on either: Then the Pecora commission identifies the fraud. They start putting some banksters in jail.
The bankers lost their moral high ground, regulation get passed. Who’s going to complain on there way to jail?
I thought the Phil Angelides commission identified a lot of fraud in this case too. So, maybe if you start prosecuting some of these banksters, maybe they will no longer have the moral high ground.
As long as you let the lobbyist have the power over the Halls of Congress, there will be no
regulations passed. I even heard that Al Greenspan is lobbying against the regulations.

No one has gone to jail for the fraud, and that is just wrong.
Jail does change ones perspective on things
It's definitely a crap-shoot.
01:14 PM on 05/11/2011
Indeed. When faced with big money versus anything else, most people take the money. Ethical and moral behavior lost out a long time ago.
01:11 PM on 05/11/2011
Thank you Senator -- at least there are a few attempting to protect the public's interest. I support you 100% -- and wish you were my senator. Sadly I am also convinced that blatant conflicts of interest extend right into our regulators and the Department of Treasury.

How else would you explain Tim Geithner's proposal to exempt Forex from Dodd-Frank oversight, some equally dubious decisions by the OCC and lengthy delays by the CFTC? All of which strongly favor Wall Street over the public's interest.

Sad to say that I am convinced this country also requires an investigation into PUBLIC CORRUPTION before faith in our financial systems is restored. Sadly, rather than an economy that works for America, we currently all work for Wall Street.
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01:06 PM on 05/11/2011
"House Republicans are exploring ways to force legislative changes to the whistleblower compensation program. Representative Michael Grimm has drafted a bill that would amend Dodd-Frank by making internal reporting a requirement before a whistleblower can get a financial reward. The bill would also change the law so that a whistleblower would not be guaranteed a reward, an effort to address concerns that the law as currently written may lead to an influx of frivolous tips. Wednesday’s panel witnesses mostly support corporate America’s position on the whistleblower rule."
Obama is GoldmanSachs
01:04 PM on 05/11/2011
My next Suggestion for the Senator would be to investigate the FED, the Treasury, and the SEC because they have all been taken over.
Coffee Drinker
04:58 PM on 05/11/2011
Taken over by whom? A distinguished professor, an economist turned civil servant and a women with a JD with experience in regulation respectively.

That trio is certainly better than an Ann Rand acolyte (Greenspan), a former investment banker (Paulson) and a hapless/clueless former congressman (Chris Cox).
Obama is GoldmanSachs
persona non grata
01:03 PM on 05/11/2011
Washington D.C. finding criminality in Wall Street is a conflict of interest...Senator Levin, we are buying what you are selling, but many of your peers are planning to profit on the short sell.
please accept this micro-bio
12:52 PM on 05/11/2011
Unless Lloyd Blankfein is held accountable for what his people did, there will be no justice. Unfortunately, when it comes to regulating Wall Street, Wall Street is running the show. If they allow you to march a few minor cronies off to jail I'll be surprised.
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12:47 PM on 05/11/2011
There must be fear of punishment, including prison time, and not just fines...

From Nouriel Roubini...
Gordon Gekko Reborn - Project Syndicate

"...greed cannot be controlled by any appeal to morality and values. Greed has to be controlled by fear of loss, which derives from knowledge that the reckless institutions and agents will not be bailed out. The systematic bailouts of the latest crisis – however necessary to avoid a global meltdown – worsened this moral-hazard problem. Not only were “too big to fail” financial institutions bailed out, but the distortion has become worse as these institutions have become – via financial-sector consolidation – even bigger. If an institution is too big to fail, it is too big and should be broken up.

Unless we make these radical reforms, new Gordon Gekkos – and Charles Ponzis – will emerge. For each chastised and born-again Gekko – as the Gekko in the new Wall Street is – hundreds of meaner and greedier ones will be born."
the weight of the news nearly broke my back
12:36 PM on 05/11/2011
Who investigates the conflict of interest of these "honorable" politicians who can legally trade on information they are privy too????
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I search for the America I believed in as a boy.
12:21 PM on 05/11/2011
As long as bankers are treated as if they are above the law Wall Street cannot be changed. RICO needs to be brought to Wall Street to end the cesspit as it currently exists. Leadership from our President would end the games on Wall Street, but he like numerous other representatives owe the Bankers due to their donations. These donations are not given without strings being attached and it goes to a system where our representatives no longer serve their constituents due to the power of special interests. Until all of our elections are publically financed we cannot end the joke our current system has become.
12:05 PM on 05/11/2011
Sen. Levin

The American people are with you, they want Wall St. harnessed. Though there are some decent regulations imposed in the legislation, it doesn't go nearly far enough. Glass-Stegall is the only effective answer to breaking these money monopolies.

There's two American economies. The merged Wall St. and D.C. economies which are entirely dependent upon taxpayer funding to survive. Then the economy which the other 99% of us have to live under. The Wall St. and D.C. economy is thriving, awash in trillions of taxpayer dollars and backstops. The economy for the other 99% is strangling, stagnating and the Wall St. and D.C. economy is trying to further hinder the 99% economy by defunding it's most vulnerable citizens. It's called "Hooverism" and it cost the Democrats the last election cycle as surely as it'll cost the Republicans this upcoming election cycle.

12:04 PM on 05/11/2011
Nice article Senator. However, when will there be a formal investigation of loan servicing abuse and corruption by ANY Senate Committee? The American public sees fraudulently submitted documents passed off in Court; forced placed insurance on people who already have insurance; and Banks that refuse to apply HAMP. Sir, this is a crisis of epic proportions. I humbly suggest you start subpoening the BIG BANKS loan servicing departments. Maybe an investigation will get them scared straight....just maybe
Scott Fraley
11:55 AM on 05/11/2011
The time to fight this was in the 80's. We lost this war years ago before many of us even knew it was happening. What we're fearing aren't the first salvos in a war on the middle class... it is the repercussion of a sort-of class occupation.
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11:52 AM on 05/11/2011
What did you really expect with the repeal of Glass-Steagall?? It's like raising kids without any rules to follow.