OT-Lobbyists Forge Letters In Derivatives Reform

azotic · 2011-02-12T12:57:29+00:00

?This story actually comes from back in November, but I just found out about it due to a recent Planet Money episode all about the regulatory scramble to rewrite our banking rules. The whole podcast is interesting, but there's a bit in the middle about one of the tactics used by lobbyists to influence the rules: they totally forged letters from individuals and small businesses to make it seem like there was "grassroots" support for a particular position on derivatives reform.They just forged the letters entirely -- including from a small Burger King franchise and a circuit court judge who was not happy about her name being used this wayThus, the end result is almost always going to be in the favor of big players in the industry who can afford lobbyists (whether they do underhanded things like forge letters or just do more aboveboard lobbying). like the regulators are getting played like a violin.At the very least the justice department should look at filingRICO charges against those bastards. Notice the main streammedia did not report any of this story.Best RegardsTom.

Feb 12, 2011 22 Replies

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dcaster 15 years ago

So.............I just do not care if they are the worlds single largest investor. What they do does not seem to influence my investments. My investments are influenced by how well the companies I invest in prosper.

Dan

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Rich Grise 15 years ago

Oh, they have a right to organize, assemble, or whatever, but they DO NOT have a "right" to have my income confiscated from me to line their own pockets.

That's the problem with socialism - its very foundation is institutionalized theft.

Thanks, Rich

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John R. Carroll 15 years ago

They don't do it either.

That doesn't even make sense Rich. All organized societies are "socialist" to one degree or another. That's the purpose.

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