Wow! Elizabeth Warren’s speech could be the rousing finale of a movie like ‘Ms.’ Smith goes to Washington. You’ll want to cheer! Read Jerry’s post, and be sure to watch the Warren video at the end of it.
Posted on December 11, 2014
by Jerry Alatalo
(Washington, D.C.) Perhaps those who were behind the provision for bailing out financial gambling addicts, slipped in at the last-minute into the United States Congress’ omnibus spending bill, thought nobody would notice. Well, they should have known better. After hearing about the attempt to cover the losses incurred from derivatives, credit default swaps, and other complex financial instruments’ “bets” – the same fraudulent transactions which crashed the world economy in 2007/8 – one is left in a state of various emotions including incredulity, astonishment, resentment, disappointment and, for 99% of the people, sadness.
The “Trojan Horse” language of the provision was originated by lobbyists from Citigroup, according to Senator Warren (D-Massachusetts). Imagine that you traveled to Las Vegas to do some serious gambling, knowing that the Federal Deposit Insurance Corporation was there to cover all the money you lost while playing the “games” in the casinos, and you have a good…
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