Comment Text:
Submitter Info:
First Name: William
Last Name: Davis
Mailing Address: 129 Wittenberg Road
City: Bearsville
Country: United States
State or Province: NY
Postal Code: 12409-5627
Organization Name: Human Race
To Gary Gensler -- The Chairman of the Commodities Futures and Exchange Commission
Reckless and corrupt Wall Street derivatives trading helped collapse the economy, costing Americans 8 million lost jobs and $14 trillion in lost household wealth. The Dodd-Frank Wall Street reform law cracks down on the speculators and high rollers, brings transparency to dark markets and forces the big banks to put real money behind their bets. It is actually too weak, and more should be done to outlaw derivatives entirely. There is too much room for fraud!
Now the Wall Street lobbyists are working feverishly behind the scenes to punch a number of loopholes into the law during the agency rulemaking process. The corrupt and fascist new House Financial Services Committee chairman Spencer Bachus (R-Al.), has promised to go ?piece by piece, provision by provision? through the law to determine what ?changes? need to be made. In particular, Bachus wants to allow banks to go back to their old tricks that help bank executives take home big bonuses by creating risks that can bring down the financial system. If any changes are made, they should be to strengthen the oversight of the corrupt and fascist banking system.
Say an emphatic ?no? to the big banks, their slimy lobbyists and their billion-dollar loopholes!
