Bankers’ Christmas Present
December 10, 2010
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Hold on to your checkbook. When Congress reconvenes in 2011 the new chairman of the House Financial Services Committee will be Alabama’s Spencer Bachus. In an interview with the Birmingham News, Mr. Bachus made his position on bank regulation clear:
“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.”
Thus the fellows who raided your life savings and brought you the Great Recession, the bank and insurance company bailouts, phenomenal Wall Street bonuses, Bernie Madoff’s Ponzi scheme, and are now offering 0.15% interest on your checking account can rest assured they will get even more help from their Republican friends on Capitol Hill.
This support doesn’t come completely free, however. The Titans of Wall Street contributed over $725,000 to Mr. Bachus’ campaign over 2009-10.