Friday, May 25, 2012

The Democrats Who Protect JP Morgan’s Incompetent Regulator « naked capitalism

The Democrats Who Protect JP Morgan’s Incompetent Regulator « naked capitalism

 Excerpt: 

In other words, protecting the OCC and the big banks can be laid at the feet of both the Republicans on the committee AND the seven Democrats who voted with the GOP.  These members are Mel Watt, Gwen Moore, Ed Perlmutter, Joe Donnolly, Jim Himes, John Carney, and Gary Peters.  Four of those members are in the New Democrat Coalition (Himes, Peters, Carney, Perlmutter), two are Congressional Black Caucus and Congressional Progressive Caucus members (Watt, Moore), and one is a Blue Dog (Donnolly).  Jim Himes is particularly worth noting – he’s a smooth and handsome former Goldman Sachs employee from Connecticut who ran for Congress and won in 2008, and hired a former UBS lobbyist as his chief of staff.  Ed Perlmutter, another New Dem, literally owned part of a bank that had been sanctioned for unsafe and unsound practices.  Mel Watt, the Congressman from Bank of America, fought against a Fed audit until he was soundly thrashed by Ron Paul and Alan Grayson in committee.  Watt’s banking staffer, Sanders Adu, shortly departed to head Federal lobbying for Wells Fargo.  It’s a pretty business as usual lot.

But now they, as well as the Republicans, are on the record supporting the bank-friendly OCC.  And four of them, Donnolly, Himes, Peters, and Carney, as well as most Republicans on the committee, are on record supporting the Federal Reserve’s right to print money to fund itself.  The person they were protecting, in the vote for the OCC, was this woman, Julie Williams.

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