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Sen. Bernie Sanders plans to introduce new legislation to break up Wall Street banks and prevent them from using the the House-passed spending bill to engage in the kind of investments that led to the 2008 financial crisis.
The Independent senator from Vermont used Saturday’s Senate session to outline a proposal that he believes would combat spending bill provisions meant to “gut” financial reforms passed by Congress in 2010.
“If Congress cannot regulate Wall Street, there is just one alternative. It is time to break these too-big-to-fail banks up so that they can never again destroy the jobs, homes, and life savings of the American people,” Mr. Sanders said in a statement Saturday.
On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. Perhaps what prompted his intervention was the unanticipated $40 drop in the price of oil. As financial blogger Michael Snyder points out, that drop could trigger a derivatives payout that could bankrupt the biggest banks. And if the G20’s new “bail-in” rules are formalized, depositors and pensioners could be on the hook.
The new bail-in rules were discussed in my last post here. They are edicts of the Financial Stability Board (FSB), an unelected body of central bankers and finance ministers headquartered in the Bank for International Settlements in Basel, Switzerland. Where did the FSB get these sweeping powers, and is its mandate legally enforceable?
The Global Bankers’ Coup: Bail-In and the Shadowy Financial Stability Board
originally posted by: subfab
a reply to: neo96
is it too early to do an office pool on how and when this guy passes away?
.............. by accident of course