[BilboBagend]

The House Appropriations Committee approved an agriculture budgeting bill last month that would significantly restructure the U.S. bank regulatory regime as part of a GOP effort to protect Wall Street's offshore trading in derivatives -- the complex financial products at the heart of the 2008 economic meltdown.

Republicans in Congress have been pressuring regulators for years to exempt derivatives that U.S. companies sell overseas from the new rules set by the 2010 Dodd-Frank financial reform law. For much of 2013, the deregulatory drive enjoyed bipartisan support in the House, with lawmakers casting their efforts as an attempt to harmonize U.S. law with international regulations. But financial reform advocates have attacked the initiative for padding Wall Street profits at the expense of important public protections, and Democratic support has eroded.

In June, the House passed a bill that would completely exempt from U.S. oversight derivatives sold through the nine most popular foreign derivatives jurisdictions. The legislation is occasionally derided as the "London Whale Loophole Act" on Capitol Hill -- a reference to the overseas trades that cost JPMorgan Chase more than $6 billion in 2012. London was the epicenter of much of the derivatives trading by U.S. financial firms leading up the 2008 crash, including AIG's infamous Financial Products division. If banks can simply route trades through loosely regulated overseas affiliates, financial reform advocates warn, the most critical aspects of Dodd-Frank will be effectively nullified.

*** More

http://www.huffingtonpost.com/2013/07/0 ... tent=Title

[RealJustme]

Good point, Obama has stuffed his White House staff with former Wall Street lobbyists and Chicago thugs. Former AIG employees alone hold 18 staff positions within the White House. I agree action has to be taken to stop allowing Wall Street lobbyist having so much power over our Government, they own the White House.

[BilboBagend]

Pathetic post as always.

[RealJustme]

I'm amazed Bilbo that you're for Obama hiring all those Wall Street lobbyists into high level White House positions? What gives?

[BilboBagend]

Do you have anything other than you malice filled fantasies?

Obviously not.

[elklindo69]

Derivatives caused the financial meltdown 5 years ago. Taxpayers had to spend 70 billion to bailout an "insurance company" (AIG) that created "certain" insurance products that went belly up (CDS').

Now republicans in the house want to make the system, more risky than it was before???

This is nothing more than a GOP scam to claim that they are tough on regulation in a desperate attempt to reel in ignorant neocon voters...

[BilboBagend]

The simple fact is that the overwhelming quantity of both derivatives and futures are not financial investmenyts nor hedges. They are straight forward gambling. They are not backed by any financial assets. They are pure bets placed in a book for later payment to the winners. The purchasers have no intention of ever acqu9iring the assets and the seller does not own the assets nor any rights to the assets. Pure bookie deals. Pure bookie gambler interactions. They should be placed honestly in a gambling institution labeled as a gambling institution and financial institutions should never be allowed to participate. They should not have contract terms that let them wage the real financial markets.

[RealJustme]

President Barack Obama’s senior adviser is one of Wall Street's biggest lobbyist.
Obama’s adviser, Broderick Johnson, has an extensive history of lobbying for big banks and corporations. In 2007, he lobbied for JP Morgan Chase and in 2008 Johnson lobbied for Bank of America, AIG and Fannie Mae. From 2008 through 2010, he lobbied for Comcast and in 2011 he lobbied for Microsoft. Since coming on board as Obama's senior adviser Johnson has brought seven other well known Wall Street lobbyist on board in various White House staff positions.

So Bilbo if Wall Street is so bad, why has Obama put them in charge of running the White House?

[elklindo69]

President Barack Obama’s senior adviser is one of Wall Street's biggest lobbyist.
Obama’s adviser, Broderick Johnson, has an extensive history of lobbying for big banks and corporations. In 2007, he lobbied for JP Morgan Chase and in 2008 Johnson lobbied for Bank of America, AIG and Fannie Mae. From 2008 through 2010, he lobbied for Comcast and in 2011 he lobbied for Microsoft. Since coming on board as Obama's senior adviser Johnson has brought seven other well known Wall Street lobbyist on board in various White House staff positions.

So Bilbo if Wall Street is so bad, why has Obama put them in charge of running the White House?

The house drafted the bill not the white house.

Are you against having an open and transparent exchange for derivative products???

[RealJustme]

The house drafted the bill not the white house.

What's that got to do with Obama hiring so many Wall Street lobbyists to run the White House?

[elklindo69]

The house drafted the bill not the white house.

What's that got to do with Obama hiring so many Wall Street lobbyists to run the White House?

The post is not about, so-called Obama lobbyists who control the white house.

Bilbo wanted to discuss financial reform. Again do you have an issue with the transparency of derivatives???

[BilboBagend]

These pseudo-conservatives have no interest in any discussion, nor do they have any interest in any reform or betterment of government. They simply have their campaign of malice and hatred.

Issues? No, not any real issues interest them. Just the fake ones they try to cook up with their delusions and lies.

[Leroy]

These pseudo-conservatives have no interest in any discussion, nor do they have any interest in any reform or betterment of government. They simply have their campaign of malice and hatred.

Issues? No, not any real issues interest them. Just the fake ones they try to cook up with their delusions and lies.

Interesting how you show that mentality when Conservatives bring up issues in finance/government, you constantly attack, lie, show hypocrisy, fail to use facts, etc....

This entire thread is based on a Huffington article, and we all know that Huffington is an anti-Conservative website run by radical liberal hacks. Even worse, like most liberals, they claim one thing and do another - they screwed contributors to their site instead of "sharing the wealth" with them, showing that the liberals running it don't actually want to share THEIR wealth, just ours.

Have you read the bill? I just looked at the HAC and found that the Agriculture legislation they've provided has NOTHING in it related to anything in the HP article.

As for Elk, shouldn't transparency start with the Obama administration? Lead by example?

Since this was done by the House Appropriations Committee, maybe you should look at WHO is on that?
http://appropriations.house.gov/about/members/

Come back and talk to the group when you've read the proposed legislation yourself.

[RealJustme]

The post is not about, so-called Obama lobbyists who control the white house.

Bilbo wanted to discuss financial reform. Again do you have an issue with the transparency of derivatives???

How can you reform Wall Street when Wall Street is in charge of the White House? Why not start at the root of the problem rather than some Huffington Post wild rant?

[BilboBagend]

Our usual two liars doing there usual best to make everything a politically biased ball of shit with nothing more than their malice and delusions.

[Leroy]

I see that Dildumb has, again, proven that he can't find the text of the legislation let alone think for himself, only attack and defend radical left-wing terrorist supporters.

[BilboBagend]

Again, liar leroy feels the constant need to lie and distort. That is unless you say calling the false delusional drivel that liar leroy posts for what it is "defending radical liberal". No it's just calling out the lies and delusions of a malignant moron, liar leroy.

[elklindo69]

I see that Dildumb has, again, proven that he can't find the text of the legislation let alone think for himself, only attack and defend radical left-wing terrorist supporters.

Leroy...

Are you against or do you support the house republicans efforts to deregulate derivatives?

[elklindo69]

The post is not about, so-called Obama lobbyists who control the white house.

Bilbo wanted to discuss financial reform. Again do you have an issue with the transparency of derivatives???

How can you reform Wall Street when Wall Street is in charge of the White House? Why not start at the root of the problem rather than some Huffington Post wild rant?

Who in particular from wall street is in charge of the white house?

Names to match the allegations....

[RealJustme]

Who in particular from wall street is in charge of the white house?

Those paying the most

[Leroy]

I see that Dildumb has, again, proven that he can't find the text of the legislation let alone think for himself, only attack and defend radical left-wing terrorist supporters.

Leroy...

Are you against or do you support the house republicans efforts to deregulate derivatives?

Show me the legislation that demonstrates what you're claiming - from what I can find, there is no such legislation.

From all I can find, since it's a HuffPo article, there is nothing to back it up except wild claims.