Well we all have heard this right?
If you see the amount of money Coke, Pepsi, Citibank spend on lobbying in the US, you know how much of wrong doings they must be doing. The food industry, pharma, insurance, banking, auto and of course the lobbying industry are really the villians in US.
It is amazing that the financial services industry in the US spends more on lobbying in Washington than the combined lobbying budget of many industries put together! If the people in the US CANNOT see it, maybe they are blind. Let us not sleep – sleeping is the prerogative of the government and the regulators. As an individual I know I have to be alert to be alive.
The Financial Services industry’s contribution to the Presidential campaign is too huge for us to ignore ( upwards of 2 billion US dollars in the past decade 🙂 ).
The banks are allowed to take deposits (guaranteed by the government) and they play the derivatives market – we need socialism back in some form to stop this stupid crony capitalism. This is like saying I will guarantee/ insure all your risks, but the premium will be collected by some body else. The losses belong to the people, and the profits belong to the EMPLOYEES (shareholders be damned!!). This is the impact of lobbying.
Theoretically it is possible that another Lehman/ AIG is building up somewhere (in terms of derivative positions) with the money that a bank has got (guaranteed by the government) – if there is a loss, the bank WILL HAVE TO BE BAILED OUT by the Congress. Rofl or LoL – you decide. If you are asking me ‘Will the Congress pass this?’.
Well, well fair enough a question – there are ONLY 70 members on the House Committee on Financial Services – what more do I need to say?
If you are wondering why the people in the US are angry at wall street you must see what Citibank has done. There is a link at the end of the page just read it..
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