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Consumer Financial Protection Bureau already compromised (again)

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#1 Mensch Meyer

Mensch Meyer


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Posted 30 July 2011 - 07:39 AM

2008: Wall Street’s crimes and greed crash our economy.

2010: Congress passes Wall Street reform legislation. It falls far short of what is needed to prevent the banker barons from engaging in the exact same behavior that led to the 2008 crash. But it does contain some good, if modest, reforms.

2011: Wall Street is fast at work scuttling even those modest reforms.[...]

The Consumer Financial Protection Bureau (CFPB), the crown jewel of the Wall Street reform legislation has authority to crack down on the predatory practices [...]

Wall Street and the big banks did not want Elizabeth Warren to get the job. President Barack Obama decided to succumb to those interests rather than fight for the American people.[...]”

Consider that as you read this, Wall Street speculation in oil and energy markets is jacking up the price of oil and thereby siphoning money from the pockets of consumers. BP just reported quarterly profits of more than $5 billion — and investors were disappointed.

Even Goldman Sachs suggests that legal speculation may be adding 65 to 70 cents to the price of a gallon of gasoline. ExxonMobil CEO Rex Tillerson says supply-and-demand fundamentals suggest the price of oil should be $65 to $70 a barrel, about a third less than the current price.

The Wall Street reform legislation included a provision to stop such speculation. But Wall Street is throwing its political weight around, preventing regulators from implementing the rules [...]

Whatever the issue, all of this comes down to a simple story: Through activities both legal and criminal, Wall Street cost millions of Americans their jobs, homes and financial security.

Ralph Nader