Speculating Banks Still Rule — Ten Ways Dems and Dodd Are Failing on Financial Reform

Michael Douglas as Gordon Gekko in Wall Street (1987)

Nomi Prins is a senior fellow at the public policy center Demos and she published a story today on Alternet about how Wall Street fatcats are raking in stacks of cash and up to their old tricks again while they lobby Congress to not regulate them.

So far it looks like the Democrats are kind of siding with the banks and the Republicans are totally siding with the banks. But what’s going to play well for members of congress come November? I wonder.

As we wind up for another dramatic bipartisan squabble over all the crap Wall Street flung at us, things are getting back to normal – for the wealthy. The top 25 hedge fund managers made a record $25.3 billion dollars in 2009. And despite all those dramatic congressional hearings, average compensation of Wall Street bankers rose by 27 percent in 2009. Meanwhile, banks are hiding their debt with the same old balance sheet magic they’ve been deploying for years and posting record new trading revenues—putting the economy at risk while creating no perceptible economic benefits.

Read the entire story on AlterNet

Leave a Reply

Your email address will not be published. Required fields are marked *