Wanker Bankers Own Capitol Hill

Posted by AzBlueMeanie:

The number two Democrat in the U.S. Senate, Sen. Richard Durbin (IL), lamented on Thursday that the banks "are still the most powerful lobby on Capitol Hill. And they frankly own the place."

He was referring to the defeat of his amendment to a bankruptcy reform bill in the U.S. Senate yesterday that would have permitted the U.S. Bankruptcy Court to "cramdown" mortgages (adjust the terms) as the Bankruptcy Court currently does with all other contracts and loan agreements. The amendment failed on a 51-45 vote. 60 Votes were needed to close debate and move to a final vote.

All the Republicans voted with the bankers (of course). However, it was the Democratic-led Senate that gave the bankers their margin of victory. Twelve members of the quasi-Blue Dog Coalition (oddly enough, Evan Bayh (IN) was not among them) were the decisive votes: Max Baucus (MT), Michael Bennet (CO), Robert Byrd (WV), Byron Dorgan (ND), Tim Johnson (SD), Mary Landrieu (LA), Blanche Lincoln (AR), Ben Nelson (NE), Mark Pryor (AR), Arlen Specter (PA), Jon Tester (MT) and Tom Carper (DE).

President Obama had requested passage of the amendment, but reportedly the White House did not aggressively lobby on behalf of its passage. Sen. Durbin said he would try again.

So homeowners facing foreclosure and bankruptcy are not entitled to any relief through a Bankruptcy work-out agreement, but the wanker bankers were entitled to a no-strings-attached, no accountability massive government bailout?!

The financial services industry, in particular the mortgage industry, is directly responsible for the current economic meltdown. Their rampant greed, speculation and Ponzi schemes nearly collapsed the world's financial system and economy (and may yet do so). These same greedy bastards were rewarded for their greed and incompetence with a massive government bailout in an effort to save the world's financial system from total collapse.

Many of these financial services companies have used the TARP funds not to increase liquidity and lending, but to lobby members of Congress and to make contributions to their campaigns. This misuse and abuse of TARP funds ought to be a crime. Somebody needs to go to emergency, somebody needs to go to jail.