Wall Street's Connected Lobbyists

Wednesday 25 August 2010
by: Jim Hightower,
t r u t h o u t | Op-Ed

Congress finally passed a moderate reform package to tighten regulations on the banksters of Wall Street. Of course, the banksters howled, protesting even the meekest of reforms -- but the package is now the law, so that's that.

Right? Uh ... no.

What Congress passed is a 2,300-page compendium of concepts, leaving the real decision-making about the details of financial regulation in the hands of the Federal Reserve, the SEC, the Commodity Futures Trading Commission and other regulatory agencies.

In other words, the game is still on for Wall Street lobbyists! So they're presently mounting a furious blitz on the rule-writing regulators, still trying to weaken or even kill many of the reform ideas passed by Congress.

To weasel their way inside, the financial giants have reached into the agencies themselves to hire away nearly 150 regulators, luring them with fat salaries to switch sides and become industry lobbyists.

(More here.)