Sen. Carl Levin…Here’s What We Need to Do About Those “sh***y” Deals
EmailHe didn’t use the S-word, but Senator Levin made some news this morning on GMA, coming out for 3 major reforms after that 11 hour grilling of Goldman Sachs.
Banks can’t bet against securities they’re selling without full disclosure to all their clients:
“They got to disclose to the pension fund or whoever they’re selling to that they think that this instrument is not a good investment – in fact they should be telling folks ‘we’re betting against this instrument.’”
Second, banks getting backing from the Fed and FDIC have to spin off derivative trade:
“No risky trading if you’re gonna go to the federal reserve and have access to federal funds or if there’s gonna be a federal guarantee one or the other”
Levin also wants to “end to some of these very bad practices that some of the mortgage companies engaged in…” such as securitizing liars mortgages where the borrowers income is falsified.
See the interview here:
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
The thives in the senate investigating what a joke the question should be who is the biggest theif. HARNESS ALL THAT HOT AIR RECYCLE IT INTO ENERGY.
Posted by: daniel | April 28, 2010, 8:31 am 8:31 am
just because Congress and the administrations are corrupt and in large part to blame for the economic crisis doesn’t mean the banksters should get off scotfree! I want more detail on that ex-GS employee who stole their code and alledgedly posted it and was/is being prosecuted because the release “could be used to manipulate markets”. Well, if a hacker could use the trading software code for that purpose couldn’t GS themselves? And what about the whole concept of “creating markets” and making money on both sides? Or managers/employees/executives who make money personally no matter how GS fares? And make big money on deals that are, alledgedly, known to fail or be bad? And why were some banks “allowed to fail” and others not? And why certain companies always seem to have ex-employees (and/or future employees) in position of power at FED, Treasury, or regulatory agencies?
ps: lest I get accused of bias these questioned could be raised about many of the investment banksters; not just GS.
Posted by: Ed | April 28, 2010, 12:47 pm 12:47 pm
George,
I enjoy your new gig on GMA each day!
You, Robin & the rest of the staff do
a great job and make for a very enjoy-able show. I am a political junky and enjoy the political commentary very much, and I miss seeing you on This Week!
Given the legislative changes that took place in the mid-1980s regarding the savings and loan/junk bond fiasco and
the change in the Glass/Stigall legis-lation in 1999 that led to the current banking debacle, isn’t it just a matter of time until such legislative changes and another calamity occurs again, and the taxpayers get stuck with the tab once more? After all, our politicians continue taking money from the same sources for their elections, and are still vulnerable to making such legis-lative changes.
Do you ever foresee a time when only public funds will be authorized for our national and state political/elective process, and private/personal funds will be totally prohibited? Also, do you think that a publicly funded politi-cal/elective process will produce a better system, and ensure that ordinary citizens will get a fairer shake and better policy legislation in the future?
I ask these questions because Michael Moore on the Dylan Ratigan show in mid-March 2010 stated we need a constitu-tional amendment sanctioning only public funds and doing away with all private/personal funds for candidates running for public office. Do you think it is needed to give the elective process more integrity and fairness? What would it take to get this accomp-lished?
Would appreciate a response when time permits.
Posted by: Donald G. Foley | April 28, 2010, 9:09 pm 9:09 pm
Somebody please interview this fool in a windstorm.
Posted by: daniel | May 25, 2010, 8:22 am 8:22 am
Sen. Carl LevinWhy do you do it…Here’s What We Need to
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