introducing legislation in the Senate to reform the financial markets
by regulating derivatives. Dodd wants to create a new agency that will
assume much of the Fed’s unused watchdog authority and Cantwell wants
the states to regulate derivatives as the gambling that that market is.
Dylan Ratigan is the host of Morning Meeting and interviews both
U.S. Senator Maria Cantwell (D-WA), together with Senators Ron Wyden
(D-OR) and Bernie Sanders (I-VT), proposed legislation empowering state
gambling regulators and attorneys general to examine unregulated
derivatives trading and take appropriate action to protect citizens
from practices which can harm the foundations of our economy. As part
of a broader effort by Congress to pass comprehensive financial
regulatory reform, Cantwells proposal treats derivatives trading for
what it is: a sophisticated form of gambling.
Also, last Thursday: The Center for Media and Democracy and BanksterUSA are pleased to present a Golden Throne Award (see throne here) to Scott E. Talbott, the Senior Vice President for Government Affairs at the Financial Services Roundtable.
The Golden Throne Award salutes the behind-the-scenes lobbyists and
spinmeisters of the financial services sector who have done their
utmost to hold off any meaningful reform of their industry, even after
collapsing the global economy and sending the U.S. unemployment rate
above 10%. It invokes fond memories of the $1.2 million office
renovation – with its $35,000 commode – ordered by Merrill Lynch’s CEO,
John Thain, shortly before the firm lost $27 billion and was rescued
from extinction by Bank of America.
Scott E. Talbott is a top lobbyist for the Financial Services
Roundtable. The Roundtable lobbies on behalf of 100 of the top banks,
credit card companies, insurance and securities firms operating in the
United States. Its membership includes many bailed-out banks including:
Citigroup, JPMorgan Chase, Bank of America, Wells Fargo, and PNC
Financial Services Group.