What a surprise, that the insurance lobbyists praise Frank one of the most incompetent regulators of all time. Frank allowed the financial industry to remove the laws dating back to the Depression that kept our banks & insurance companies safe & strong for decades.
As a result, the financial industry took leveraged bets on the market, that permitted them to keep their salary & bonuses when their bets paid off, but when they did not the taxpayers were on the hook. Dodd-Frank is a joke as there were already laws in effect to regulate, but at the instructions of the lobbyists, they were not enforced. This is classic regulatory capture.
So goes the initial round of “smoke blowing”. This guy did a lot of damage all around and is commended. Why is this guy really leaving? Someone has something on him? His ego wouldn’t let him just walk away. As usual, we will never know the full story.
As I recall, it was Glass-Steagall that was essentially the bank regulations signed by FDR in 1933 in the wake of the crash of 1929. In 1999 the Republican-controlled Congress repealed most of the law and let banksters do what should be considered legal crimes against their country. Rep. Barney Frank voted against the Gramm(R)-Leach(R)-Bliley(R) Act, also called Financial Services Modernization Act, the law that deregulated everything. Rep. Frank has been one of its most vocal critics. It was Republicans who created this sociopathic insanity, aided and abetted by Bill Clinton. Phil Gramm went to work for UBS after leaving the senate in 2002. His wife Wendy is also a real piece of work who while serving on the CFTC acted at the behest of Enron to repeal regulations on the energy industry. She then went on to serve on Enron’s board before that company blew up. Remember Enron? Brought to you by another Republican sociopath.
Glass-Steagall was essentially the bank regulations signed by FDR in 1933 in the wake of the crash of 1929. In 1999 the Republican-controlled Congress repealed most of the law and let banksters do what should be considered legal crimes against their (our) country. Rep. Barney Frank voted against Gramm(R)-Leach(R)-Bliley(R) Act which was also called the Financial Services Modernization Act, the law that deregulated everything. Rep. Frank was, and has been, one of its most vocal critics. It was sociopathic Republicans that lead to this sociopathic, aided and abetted by Bill Clinton who signed the legislation. Do you remember the repeal of Glass-Steagall?
As for Phil Gramm, he left the Senate in 2002 to work for UBS (United Bank of Switzerland) which was a direct beneficiary of the deregulatory legislation that is his namesake. They were one of the big banks that sold mortgage-backed securities and then proceeded to bet against them, and by extension the United States of America!
Oh, and Gramm’s wife Wendy was at the CFTC from 1988 to 1993 during a time when Enron was lobbying to exempt itself from regulations on large energy companies. She then took a position on Enron’s board during which time Enron exploded. Do you remember Enron? It wasn’t that long ago.
Righton- We are in agreement, more than you think. What else makes the point I was making of regulatory capture than both the Republican Congress & a Democratic President working together to destroy the regulations that had kept the financial industry somewhat honest? Both parties want you to think that they offer change when in fact they both are owned by the financial industry & their lobbyists. Both parties also want us to fall in to the trap of partisan bickering, which keeps the focus off the fact that both parties are mirror images of each other. I suggest that we all not fall in to that trap.
It is a real shame that insurance professionals leave such nasty comments about people they do not know. It is not the same to attack someones political positions vs attacking them personally.
Are we really an industry full of homophobes and bigots?
What a surprise, that the insurance lobbyists praise Frank one of the most incompetent regulators of all time. Frank allowed the financial industry to remove the laws dating back to the Depression that kept our banks & insurance companies safe & strong for decades.
As a result, the financial industry took leveraged bets on the market, that permitted them to keep their salary & bonuses when their bets paid off, but when they did not the taxpayers were on the hook. Dodd-Frank is a joke as there were already laws in effect to regulate, but at the instructions of the lobbyists, they were not enforced. This is classic regulatory capture.
Fwank should be in jail.
So goes the initial round of “smoke blowing”. This guy did a lot of damage all around and is commended. Why is this guy really leaving? Someone has something on him? His ego wouldn’t let him just walk away. As usual, we will never know the full story.
Could there be a skeleton in the Senate cloak room closet?
Frank was a leader alright. He led this Country straight into the abyss.
Really Systemic?
As I recall, it was Glass-Steagall that was essentially the bank regulations signed by FDR in 1933 in the wake of the crash of 1929. In 1999 the Republican-controlled Congress repealed most of the law and let banksters do what should be considered legal crimes against their country. Rep. Barney Frank voted against the Gramm(R)-Leach(R)-Bliley(R) Act, also called Financial Services Modernization Act, the law that deregulated everything. Rep. Frank has been one of its most vocal critics. It was Republicans who created this sociopathic insanity, aided and abetted by Bill Clinton. Phil Gramm went to work for UBS after leaving the senate in 2002. His wife Wendy is also a real piece of work who while serving on the CFTC acted at the behest of Enron to repeal regulations on the energy industry. She then went on to serve on Enron’s board before that company blew up. Remember Enron? Brought to you by another Republican sociopath.
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
Barney is leaving since his voting district was realigned. He knows he can NOT win an honest race.
Earlier comment here are right on…the place Barney should be going is to JAIL. He should be one of the poster boys for TERM LIMITS
Wow, really Systemic?
Glass-Steagall was essentially the bank regulations signed by FDR in 1933 in the wake of the crash of 1929. In 1999 the Republican-controlled Congress repealed most of the law and let banksters do what should be considered legal crimes against their (our) country. Rep. Barney Frank voted against Gramm(R)-Leach(R)-Bliley(R) Act which was also called the Financial Services Modernization Act, the law that deregulated everything. Rep. Frank was, and has been, one of its most vocal critics. It was sociopathic Republicans that lead to this sociopathic, aided and abetted by Bill Clinton who signed the legislation. Do you remember the repeal of Glass-Steagall?
As for Phil Gramm, he left the Senate in 2002 to work for UBS (United Bank of Switzerland) which was a direct beneficiary of the deregulatory legislation that is his namesake. They were one of the big banks that sold mortgage-backed securities and then proceeded to bet against them, and by extension the United States of America!
Oh, and Gramm’s wife Wendy was at the CFTC from 1988 to 1993 during a time when Enron was lobbying to exempt itself from regulations on large energy companies. She then took a position on Enron’s board during which time Enron exploded. Do you remember Enron? It wasn’t that long ago.
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html
Scott, Brian, Realist and Systemic — really swell commentary!
Righton- We are in agreement, more than you think. What else makes the point I was making of regulatory capture than both the Republican Congress & a Democratic President working together to destroy the regulations that had kept the financial industry somewhat honest? Both parties want you to think that they offer change when in fact they both are owned by the financial industry & their lobbyists. Both parties also want us to fall in to the trap of partisan bickering, which keeps the focus off the fact that both parties are mirror images of each other. I suggest that we all not fall in to that trap.
It is a real shame that insurance professionals leave such nasty comments about people they do not know. It is not the same to attack someones political positions vs attacking them personally.
Are we really an industry full of homophobes and bigots?
I hope not.
Just someone who professes insurance.
Yea !!!! Hopw many more to go ??
Yea !! Who’s next ??