Published by Lindsay Renick Mayer
Five of the nation's largest commercial banks stand to earn $35 billion on derivatives contracts this year -- but only if they get their way. To ensure that federal legislation won't kill their chance of collecting that cash, they've been meeting with lawmakers and their staffers, according to Bloomberg.
The U.S. banks are pouring money into campaign contributions and lobbying efforts -- and the total that could bring in by fending off a bill to regulate derivatives trading is 358 times more than what they've spent on politicking since the start of the 2008 election cycle.
(Don't know what derivatives are? Check our Merriam-Webster's definition.)
Together, JPMorgan Chase & Co., Goldman Sachs, Bank of America, Morgan Stanley and Citigroup have spent $97.8 million on lobbying and campaign contributions (including donations from both the employees and political action committees of these companies) since 2007.
As five of the all-time top donors, these companies have strong financial ties to Congress. Perhaps it's no wonder, then, that the derivatives market hasn't faced much (if any) regulation during its 30 years of existence. These banks have also supported the party now in power, giving Democrats 63 percent of their total campaign contributions since the start of the 2008 election cycle.
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The transexual atheist masons who run this country will stop at nothing until this great country is completely washed up and run down the tubes. Everything is run by JP Morgan & the Devil. If you want to save yourself don't turn to the bible. Change your last name to Rothschild first. It is the only way out of this mess that I can figure out. God help us all.
ReplyDeleteEver since Chico and the Man went of the air many years ago I knew there was a conspiracy brewing. You just don't pull the plug on something that good and then expect the world not to fall apart eventually. Whoever these people are, they do not have mine or your best interests at heart. Invest in food, water, and gold now while you still can. It doesn't hurt to have a spare shower cap and some extra kitty little for Trixie either. God bless.
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