Monday, December 28, 2009
An idea worth fighting for
From Bloomberg:
Start with an e-mail to House.gov or Senate.gov. It's free and you are already online.
P.S. Phil Gramm doesn't like the idea, it must be good.
A one-page proposal gaining traction in Congress could turn back the clock on Wall Street 10 years, forcing the breakup of banks, including Citigroup Inc.“The impact on Wall Street would be severe,” I think that is something we all would like to see. The banksters are going to fight this tooth and nail, which is a good indicator of the value of the restoration. If you are mad as hell about what Wall St. has done to your country, what the banksters have done, this is your chance to write or call or fax your Rep and Sens. Keep it clean, but let them know how you feel, now and every chance you get.
Lawmakers in both parties, seeking to prevent future financial crises while soothing public anger over bailouts and bonuses, are turning to an approach that’s both simple and transformative: re-imposing sections of the 1933 Glass-Steagall Act that separated commercial and investment banking.
Those walls came down with passage of the Gramm-Leach- Bliley Act of 1999. A proposal to reconstruct them, made by U.S. Senators John McCain and Maria Cantwell on Dec. 16, would prevent deposit-taking banks from underwriting securities, engaging in proprietary trading, selling insurance or owning retail brokerages. The bill could also force the unwinding of deals consummated during the financial crisis, including Bank of America Corp.’s acquisition of Merrill Lynch & Co.
“The impact on Wall Street would be severe,” Wayne Abernathy, an executive vice president at the American Bankers Association, said in a telephone interview.
Start with an e-mail to House.gov or Senate.gov. It's free and you are already online.
P.S. Phil Gramm doesn't like the idea, it must be good.
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