You are herecontent / The Best Solution to Vampire Squid? Calamari

The Best Solution to Vampire Squid? Calamari



The Best Solution to Vampire Squid? Calamari
By Mary Bottari | Huffington Post

The financial services reform bill will be debated in the Senate next week. The great test for the bill will be what it does to rein in Goldman Sachs, the Wall Street institution famously described by Rolling Stone journalist Matt Taibbi as “a vampire squid jamming its blood funnel into anything that smells like money.”

The bill is being taken up just a week after the Securities and Exchange Commission issued civil fraud charges against Goldman for creating mortgage-backed investment vehicles deliberately designed to fail in order to benefit preferred clients. Everyone knows it’s tough to handcuff a squid. So some are advocating for a simpler solution.

Today, Senators Sherrod Brown and Ted Kaufman proposed a tasty dish of calamari. They unveiled the “Safe Banking Act of 2010” a commonsense measure to cap the size of the biggest banks as the single best way to prevent future taxpayer bailouts. Their bill will be offered as an amendment in the Senate and will result in the break up of the largest “too big to fail” institutions.

“We can either limit the size and leverage of 'too big to fail' financial institutions now, or we will suffer the economic consequences of their potential failure later," said Kaufman. “Breaking apart too-big-to-fail banks is the necessary first step in preventing another cycle of boom-bust-and-bailout.” Read more.

Informed Activist

Support WarIsACrime



Donate.








Tweet your Congress critters here.


Advertise on this site!




Facebook      Twitter





Our Stores:























Movie Memorabilia.



The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.