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2016 Postmortem
In reply to the discussion: Guess who works for Phil Gramm at UBS? [View all]Octafish
(55,745 posts)36. The Clintons and Wall Street: 24 Years of Enriching Each Other
Important history those who want to control the future work to minimize:
The Clintons and Wall Street: 24 Years of Enriching Each Other
by RICHARD W. BEHAN
CounterPunch, FEBRUARY 26, 2016
EXCERPT...
President Clinton appointed Robert Rubin, the Co-chairman of Goldman-Sachs, as his Treasury Secretary in January of 1995. Mr. Rubin went to work fashioning two laws of stupendous value to the New York banks, but President Clintons first term of office ended before they could be enacted.
Perhaps sensing the need to assure Clintons re-election, Wall Street saw fit nearly to triple its campaign contributionsfrom $11.17 million in 1992 to $28.37 million in 1996.
Continued nicely in office, Secretary Rubin triumphed with the passage of the Financial Services Modernization Act of 1999, which repealed the Glass-Steagall legislation of 1933. Now it was legal once more for financial institutions to mix commercial and investment banking; in essence, to use depositors funds for trading the banks own account in the stock market.
A year later President Clinton signed the Commodity Futures Modernization Act. This law ended the regulation of derivatives, freeing Wall Street to manufacture mortgage-backed securities and sell them without restriction; these complex derivatives would power the subprime swindle soon to commence.
Meanwhile, in Clintons Justice Department a deputy Attorney General named Eric Holder in 1999 authored a memo entitled Bringing Criminal Charges Against Corporations. It became the Holder Doctrine, and after the financial crisis of 2008 it would be of incalculable value to the Wall Street banks. On leaving the Administration Mr. Holder joined Covington Burling, the largest law firm in Washington, D.C.. Among its clients were Morgan Stanley, Citigroup, JP Morgan Chase, UBS, Bank of New York Mellon, Deutsche Bank, Wells Fargo, and Bank of America.
CONTINUED...
http://www.counterpunch.org/2016/02/26/the-clintons-and-wall-street-24-years-of-enriching-each-other/
PS: You are most welcome, JEB! Thank you for grokking!
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IT IS... ALL ABOUT THE GD MONEY! Carvilee is A POS Corporatist as Well
CorporatistNation
Apr 2016
#48
Really Scary: UBS received $287 Billion bailout...and Phil Gramm still talks slow.
Octafish
Apr 2016
#24
They're all just one big happy family aren't they? We were so scammed! But not anymore thankfully.
sabrina 1
Apr 2016
#37
Mere mention of its existence brings out anguished (and now paid) cries of ''CONSPIRACY THEORY!''
Octafish
Apr 2016
#42
They are all Cronies Octafish, you know this...Bernie- has a minor in cronyism LOL
snooper2
Apr 2016
#17
Except wrt to the Panama Papers, a lot of us were painfully aware of this back in the day...
2banon
Apr 2016
#18
I like the way your thinking...I want them to feel the Bern...fuckers. Evil! nt
haikugal
Apr 2016
#29