Bank Lobbyists Launch Super PAC To Kill Wall Street Reform

Bank Lobbyists Launch Super PAC To Kill Wall Street Reform

Source:
Banker Group Plans to Fund Super-PACs to Kill Dodd-Frank
(moneynews.com)

The American Bankers’ Association (ABA) to launching a Super-PAC to bankroll candidates to kill Wall Street reform initiatives.

A banking trade group is preparing to set up a political fund that would allow members to funnel money anonymously to pro-industry candidates in the final months of the U.S. election campaign.

The American Bankers Association board is set to vote Thursday on a plan to create a nonprofit that would donate to super-political action committees, or super-PACs, that can spend unlimited amounts on TV ads and other campaign activities.

The focus of the ABA's Super-PAC will the U.S. Senate:

Attempts in the Republican-controlled House to roll back regulation of the financial industry, particularly the 2010 Dodd-Frank Act, have so far run aground in the Democratic-controlled Senate.

"Attempts in the Republican-controlled House to roll back regulation of the financial industry, particularly the 2010 Dodd-Frank Act, have so far run aground in the Democratic-controlled Senate"

Unbelievable that after the Wall Street Banks deregulation and wretched excesses led to the near collapse of the American (and world) economy, that we would be sitting here a few scant years later, watching as these same banks go on the attack against the few members of Congress that have sought to reign in their industry.

“The real battle when it comes to Congress is the Senate,” said Holman, who noted that the ABA would likely target senators that have stood in the way of changes to the Dodd-Frank financial-regulation law.

So what is he saying - the U.S. House is already in their back pocket?

See also:
US banks plan outside spending group to influence elections

Every time we deregulate a sector of the banking industry, they end up causing a huge screw up that costs taxpayers billions, if not trillions.

We should have learned after the Savings and Loans went under just a short time after Regan eased up regulations on them. Almost every single major financial mess in the past forty years can be traced back to some type of government de-regulation.

When are people going to learn that banking and Wall Street are the two most under-regulated and dangerous sectors of the economy? Unfortunately, they have all the money to keep the lawmakers in their pockets.

If they succeed in this venture, you can look forward to an even bigger mess than in 2008, I gaurantee it.

reply to post by Blackmarketeer

Like I said in another post, it matters not who the political meat puppet is these days, they will do whatever their handlers want. Politicians will rarely, if ever, concern themselves over what is right, only who can pay (Ron Paul seems an exception). This is a primary mandate of politics programmed by the bankers to mold the system and it will not change until the present system is deconstructed and a more rational system put in place, one that isn't driven by greed, envy or avarice. If this wasn't the "norm" in politics, there would be no lobbyists and ALL donations would be ANONYMOUS with no strings attached.

We have to find that big "reset" button.

Cheers - Dave

The Big Banks are like addicts, and the US government is their dealer. Of course they're going to fight any attempt to reign in their massive appetite for our money. We must feed their addiction, even if that addiction ends up destroying us all. NOT.

I want to see them go through withdrawal, and if it kills them, so be it. The world will be better off if all the Big Banks cease to exist.

hI there Blackmarketer

I posted this to another thread of yours but it is relevant to this one also.




The different levels are broken down as follows:

Financial Elite – The global financial elite – including members or representatives of the Rockefeller, Rothschild, and Morgan families – hold secret meetings and make important decisions in closed groups such as the Council on Foreign Relations. These plans are then implemented throughout the world, further consolidating material wealth and control.

Bank for International Settlements – The BIS is the central bank of central banks based out of Basel, Switzerland that is controlled by the financial elite. It has 55 member central banks but is mainly run by bankers from the United States, England, Germany, Switzerland, Italy, and Japan. It operates with little transparency and is not accountable to national governments even though it has significant control over the global financial system by setting reserve requirements, the amount of money in banks around the world must have on reserve.

International Central Banks – Central bankers use the World Bank and the International Monetary Fund (IMF) to make more money while exploiting the resources of countries they lend to – bankrupting them in the process. For every dollar the US contributes to these banks, US Corporations – such as Halliburton, Exxon Mobil, and Bechtel (controlled by the economic elite) – receive more than double that amount in contracts from these international banks.[1]

National Central Banks – Almost all countries have a central bank (see the list here), of which commercial banks are members. Central banks set interest rates and determine the amount of money in circulation. They also lend to governments at interest, putting them above the lower four levels of the pyramid.

Big Banks – Big banks offer corporations loans at special rates, allowing them to do business. This puts banks in a powerful position, above corporations and the rest of us, because funding is what allows the corporations to go forward with their projects.

Corporatocracy – Corporations fund political campaigns and influence politicians through lobbying. Many are now bigger than entire national economies, putting corporations above government.

Government – Government is largely funded through taxpayer money, putting it above the people. If it wants to borrow extra money it must go to a Central Bank.

People, The Planet, and All Living Things – At the bottom level of the pyramid is the majority of people on this planet and all other life. As of 2010, one in every seven people on the planet did not have enough to eat and most ecosystems were suffering.


As you can see, bribing and paying off the government officials is the very base of the pyramid. Without that, the rest of the pyramid would topple.

reply to post by Macabe


Thanks, I've seen the image around, it's a bit tongue-in-cheek but as good a description of how Big Banks view the world as any.

How about that? A disgusting corperate fascism attempts to undermine a free and fair election by using money to bias the people? Who ever heard of such a thing.

I hope everyone who votes in the up and coming elections has the foresight to vote against any figurehead which has ties to an organisation which would allow this, or wish to prevent electoral reform, or indeed the reform of Wall Street. Bankers, like every other person in a nation, should do what they do for thier families, and for thier nation. Not for personal gain, and not for personal power. If they cannot be trusted to keep that covenant for thier own reasons, they must be forced to do so for the good of the people.

End this heresy against freedom now.

Republicans sure enjoy wrecking our economy. Everything that they say and do shows that they support screwing this country up even worst.

Guess thats what happens when you have Republicans receiving TONS OF DIRTY MONEY (BRIBES) from SUPER-wealthy folks such as the Koch brothers, eh?

Money is supposed to be a means through which to do economy, if it becomes the end of economy it will all collapse unto itself.