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2014-07-09
R.I.P. William 'Bill' Herbert Kelder - Intellpuke

2013-11-28
Gamers Donate 37,500 Pounds Of Food To Needy

2013-09-30
Statement From The Whitehouse Regarding The Government Shutdown

2013-09-29
An Open Response To 'Organizing for Action'

2013-08-26
Bayou Corne: The Biggest Ongoing Disaster In The U.S. You Have Not Heard Of

2013-04-21
Boston Mayor Hopes Feds 'Throw the Book' at Marathon Bombing Suspect

2013-04-19
Boston Police Closing In On Suspects

2013-04-15
2 Explosions At Boston Marathon. 2 Dead, Many Injured.

2013-01-03
The Press vs Citizens Rights and Privacy - Act 3

2012-12-30
CBS News - Year In Review 2012

Nature.com - 366 Days: 2012 In Review

The Guardian - 2012 In Review: An Interactive Guide To The Year That Was

TruTV - The Biggest Conspiracy Theories of 2012

Colbert Nation: 2012: A Look Back

FIP Year In Review(s?)

2012-12-25
Happy Holidays

2012-12-21
Welcome To A New Era!

2012-12-16
An Open Letter To United Health Care, Medcom, And The Medical Insurance Industry In General

2012-11-17
Whitehouse Petition To Remove "Under God" and "In God" From Currency And The Pledge.

2012-11-15
December 21, 2012

2012-11-11
If Hillary Clinton Ran For President, She Would Probably Be The Best-prepared Candidate In American History

2012-11-10
CIA Director David Petraeus Resigns After FBI Investigation Uncovers Affair With High-Profile Journalist

FIP Format Update

2012-11-07
Thank you for voting.

2012-11-06
Live Election Results

2012-09-30
FIP In Hiatus

2012-09-18
U.S.-Afghan Military Operations Suspended After Attacks

Iran Nuclear Chief Says IAEA Might Be Infiltrated By 'Terrorists And Saboteurs'

Romney Stands By Gaffe

2012-09-17
President Obama Says China Trade Practices Harm American Auto Parts Workers


President Obama Takes Republicans To Task Over 'Battle' Against Wall Street Reform
2012-05-19 21:41:49 (128 weeks ago)
Posted By: Intellpuke

U.S. President Barack Obama has criticized Republicans in Congress for waging an "all-out battle" against Wall Street reform, as he echoed calls for greater regulation in the aftermath of the JP Morgan fiasco.

In his weekly address, the President accused his political opponents of being in hock to bank lobbyists who are doing all they can to "delay, defund and dismantle" safeguards to prevent a future financial meltdown.

The comments come more than a week after JP Morgan Chase revealed a trading loss of $2 billion, leading to calls for Wall Street watchdogs to be given more teeth.

Attacking the "breath-taking irresponsibility" that led to 2008's financial crisis, President Obama said such behavior had "cost our economy millions of jobs, hurt middle-class families and left the taxpayer holding the bag".

Attempts to stabilize troubled banks and tighten up regulation had been met by obstruction from "too many Republicans in Congress and an army of financial industry lobbyists".

(story continues below)




Following the JP Morgan revelation, authors of the so-called Volckers rule – designed to curtail risky bets such as the one that caused the bank's recent woes – urged lawmakers to back tough new laws on trading.

Senators Carl Levin and Jeff Merkley accused Wall Street lobbyists of watering down the proposed regulation, which is due to be applied from July.

In his weekly address, President Obama added that without such safeguards "taxpayers could again be left on the hook for Wall Street's mistakes".

He added: "We've got to finish the job of implementing this reform and putting these rules in place."

President Obama is backing rules that would require big banks or financial institutions to have more cash on hand to cover losses. He is also calling for big bonuses to be taken away from failed banking bosses.

The President said financial institutions that "aren't cheating customers or making risky bets that could damage the whole economy" have nothing to fear from reforms.

"Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money. And it encourages them to do things that actually help the economy – like extending loans to entrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education," he said.

Opponents in the banking community claim that tougher regulation would disrupt their core functions.

Jamie Dimon, the embattled chief executive of JP Morgan, has been one of the harshest critics of the Volcker rule.

Meanwhile, in the Republican's weekly address, Wisconsin Senator Ron Johnson criticized what he described as a "do-nothing Senate" under Democratic majority leader Harry Reid.

Noting that the Senate hasn't passed a budget in three years, Johnson said House Republicans had fulfilled their responsibilities by passing a budget and called on Senate Democrats to do likewise.

Intellpuke: You can read this article by Guardian correspondent Matt Williams, reporting from New York City, N.Y., in context here: www.guardian.co.uk/world/2012/may/19/obama-republicans-wall-street-jp-morgan


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