Thursday, January 29th, 2015
Baton Rouge, Louisiana
LOUISIANA JOINS IN GIVING BAILOUTS TO WALL STREET!
Well, here we go again. Big banks and major insurance companies are “high-fiving” each other after they won big in Washington last month. We thought lawmakers had learned an expensive lesson after the financial crash in 2008 that led to massive bailouts at taxpayer’s expense. Back then, the financial industry was allowed to carry on high stakes gambling with your money. And now, it’s déjà vu as congress has reopened the casino doors.
Following the 2008 financial meltdown, congress used a little common sense and passed legislation known as Dodd-Frank, that limited banks and insurance companies from engaging in risking investments backed up by the taxpayer. “Go ahead and gamble on high-risk investments if you want, but don’t expect a bailout,” so the logical reasoning went.
High-risk derivatives were one of the major financial culprits that led to the financial reforms. Insurance companies like A.I.G. were insuring risky Wall Street investments, knowing full well that if things went bad, old Uncle Sam would be there to pay for the damage done. And since insurance companies like A.I.G. are regulated at the state level, regulators in Washington paid little attention.
Here’s what happened that caused the financial crisis. Insurance regulators had for years allowed A.I.G and other insurance companies to privatize the gains but socialize the losses. The fat cats at A.I.G. got multi-million dollar bonuses year after year, but when the losses had to be paid, it was the taxpayer, you and me, that were called on to cover all the wild-eyed spending spree that regulators allowed to take place. Continue Reading…………..
“Meet Chris Dodd, Hollywood’s new man in Washington.”
Yes, the new chairman and chief executive officer of the Motion Picture Association of America is the same Chris Dodd who, as the US Senator from Connecticut, had his name has been mentioned so frequently on SLABBED the listing of related posts cover four pages of search results! Although those pasts date to the early days of SLABBED in 2007, it was two years ago yesterday that Sop made it official with $enator Chri$ Dodd You Sanctimonious SumBitch, Welcome to Slabbed.
According to McClatchy news, “The big question” about the new go-to-the-movies man in Washington “is not why they hired Sen. Dodd. It’s why does he want it?”
The choice stirred some controversy. He’s barred by law from lobbying Congress for the next 22 months, and Dodd told the Connecticut Mirror in August four months before leaving the Senate that he would do “no lobbying, no lobbying.”
Yet the MPAA job is considered one of Washington’s plum lobbying positions.
Dodd said he won’t actually be lobbying, and…[the chairman and chief executive officer]… of Fox Filmed Entertainment…[Jim”]…Gianopulos noted that the individual film companies are well represented in Washington on their own.
“We were looking for leadership, direction and consensus-building,” he said.
History suggests the answer to “why” Dodd would want the position probably has a lot to do with his wife: Continue reading “Maybe I’ll just read the book!”
Here is a quick blast from the past for our newer readers circa early 2009 where we explored the employement history of Senator Chris Dodd’s wife, Jackie Clegg Dodd, as companies her husband oversaw chairing the Senate Banking Committee had a curious preference for hiring Ms Dodd, especially the now taxpayer supported AIG.
Meantime over at Yahoo ALL Mr CLS finished his Thanksgiving reading and added Wendy Gramm, wife of former Texas Senator Phil Gramm, architect of the financial deregulation bill that ultimately imploded our financial system, who had a preference for working at ENRON and State Farm. Continue reading “Working girls: “Hell is empty, and all the devils are here.””