Congress Votes On Bill To Aid Wall Street Banks ... And The Koch Brothers

[sportage]

Whatever your politics or take on this, one thing is clear.
When it comes to the banks and the wealthy like the Koch brothers, they do actually want it all.
And that pesky voting public? They are just in the way.
Wouldn't it be nice, they would say, if the US Supreme Court could somehow negate that pesky annoying voting public from stepping on the toes of corporate America?

The way the Koch brothers see it, as well as the banks, they provide a service that is not only essential to America, but that is America.
They have all the power, they hold all the cards, and what they do provides all of America with everything it needs to be number one in the world.
So, why would anyone not believe that they believe America is their own private island?
As for the rest of us? We're only here to serve the masters.

They want to dictate the laws, the rules, all the rules, and it is not up to us to question their wisdom. After all, how could we simple folks possibly know what is best for America?
Their advice? We'd better just sit down, shut up, and be thankful we have the banks and the Koch brothers to tell us what is best for America and those of us lucky enough to live within their domain.
And leave it up to them, the big guys, to run the country.
The rest of us can just butt out. Or else!
After all, what the hell does your American citizen know about America?

 

[Charmonium]

So why move such operations offshore, if not to avoid transparency & conceal liabilities?

Excess liability vs liquidity is what brought down the financial system in our most recent meltdown. Outfits like AIG couldn't cover their bets in a timely fashion. When they couldn't, neither could the counterparties, thus necessitating bailout.

Under the proposed measure, the same sort of fragility is re-established simply by booking the transaction under the blind eye of European regulators rather than American ones. You know, the same regulations that allowed Greece into the Euro because they didn't count complex derivative liabilities as "debt".

What could go wrong?

Exactly. Banks used to make most of their money from their trading desks. Now that's mostly history and they're jonesing. You just can't imagine how much they enjoyed fucking you up the ass. It's a disease I tells ya - a disease. This is really a cry for help. :whiste:

 

[thraashman]

Wrong bill linked. You linked an agriculture bill.

This is the correct one:

https://www.congress.gov/bill/114th-congress/house-bill/1105/text

According to the article in the OP

The new deregulation measures, which will receive a vote on Wednesday, are packed into legislation that would formally reauthorize the Commodity Futures Trading Commission, a key overseer of the market for derivatives.

And from what I can tell, the bill I linked is the right one for that. The "Commodity End-User Relief Act" To reauthorize the Commodity Futures Trading Commission, and ensure robust markets, customer protections, and a balanced approach to regulations impacting job creators. And that should be H.R. 2289, which is what I linked.

This is the text of that bill

 

[ivwshane]

Thank you!

If I'm reading this right (and I may not be because of all the cross referencing with another law), it appears page 45, entitled, "SEC. 314. CROSS-BORDER REGULATION OF DERIVATIVES TRANSACTIONS." appears to corroborate the article in the OP's story.

Anyone else agree?

According to the article in the OP

And from what I can tell, the bill I linked is the right one for that. The "Commodity End-User Relief Act" To reauthorize the Commodity Futures Trading Commission, and ensure robust markets, customer protections, and a balanced approach to regulations impacting job creators. And that should be H.R. 2289, which is what I linked.

This is the text of that bill