Friday, April 24, 2009

The Tarp Queen

   I came across this article titled "The Tarp Queen" it is all about Elizabeth Warren who the writer describes thusly...

Way back in 2003, Warrena pretty, blue-eyed former Republican farm girl from Oklahoma who rose to become one of Harvard Law's rare female tenured professorsand her daughter published a groundbreaking study of Americans' financial woes titled The Two-Income Trap. The book arose from Warren's tenure as senior adviser to Bill Clinton's National Bankruptcy Review Commission, which might, like TARP, also have become a study in frustration. Handed the task of figuring out how bankruptcy rates could be higher than during the Great Depressionand risingin prosperous times, Warren was denied the cooperation of the financial industry. So she decided to pore over thousands of pages of federal surveys of household spending patterns that had been ignored for decades. What she found was that modern American households are worse off than their counterparts of a generation ago, even with an additional breadwinnerhence, the title. Today's families literally cannot afford not to borrow, and unregulated financial products, with their limitless interest rates and myriad fees, are literally killing them.

He goes on to give her much praise calls her his hero that's nice you should read the whole article one of the parts I wanted to point out was this...

Warren brought her research to Capitol Hill in 2005, when Congress took up legislation to restrict Americans' access to bankruptcy, a tradition that predates the Bill of Rights, but, as it turned out, the vast majority of politicians were as eager to hear it as the queen of talk. Led by Wisconsin Republican James Sensenbrenner, Congress member after Congress member took the floor to disparage broke Americans as "gamers" before throwing them to the wolves. In retrospect, the inaptly namedand horrifically timedBankruptcy Abuse Prevention and Consumer Protection Act of 2005 was a warm-up for TARP, sending the message that even Democrats would bail out the banks rather than the middle-class families struggling to make ends meet.

Again thats nice but I read the whole article and the reason I wanted to point that out was no where in the article does it tell how The Resident voted on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 odd (extreme sarcasim) do you think he does not know it would seem to me to be a most important part?  Well I know and I am sure the Banks who (paid ) contributed to The Resident plenty knew too he voted for Banks against the pleas of many.

On February 10, 2005, then Senator Obama voted in favor of the passage of the Class Action Fairness Act of 2005.  Here is an excerpt of remarks Senator Obama made on the Senate floor on February 14, 2005, concerning the pas sage of this legislation:

“Every American deserves their day in court. This bill, while not perfect, gives people that day while still providing the reasonable reforms necessary to safe­guard against the most blatant abuses of the system. I also hope that the federal judiciary takes seriously their expanded role in class action litigation, and upholds their responsibility to fairly certify class actions so that they may protect our civil and consumer rights..”.

Three days before Senator Obama ex pressed that fateful yea vote, 14 state attorneys general, including Lisa Madigan of Senator Obama’s home state of Illinois, filed a letter with the Senate and House, pleading to stop the passage of this corporate giveaway. The AGs wrote:

“State attorneys general frequently investigate and bring actions against defendants who have caused harm to our citizens... In some instances, such actions have been brought with the attorney general acting as the class representative for the con sumers of the state. We are concerned that certain provisions of S.5 might be misinterpreted to impede the ability of the attorneys general to bring such ac tions...”

The Senate also received a desperate plea from more than 40 civil rights and labor organizations, including the NAACP, Lawyers Committee for Civil Rights Under Law, Human Rights Campaign, American Civil Liberties Union, Center for Justice and Democracy, Legal Momentum (formerly NOW Legal Defense and Education Fund), and Alliance for Justice. They wrote as fol lows:

“Under the [Class Action Fairness Act of 2005], citizens are denied the right to use their own state courts to bring class actions against corporations that violate these state wage and hour and state civil rights laws, even where that corporation has hundreds of employees in that state. Moving these state law cases into federal court will delay and likely deny justice for working men and women and victims of discrimination. The federal courts are al ready overburdened. Additionally, federal courts are less likely to certify classes or provide relief for violations of state law.”

This legislation, which dramatically impaired consumer rights, involved five years of pressure from 100 corporations, 475 lobbyists, tens of millions of corporate dollars buying influence in our government, and the active participation of the Wall Street firms who funded the Obama campaign.

Now must read.....Banks Lobby To Screw Taxpayers Out Of Billions READ

It pays $$$$$ to be the King!

Seven of the Obama campaign's top 14 donors consisted of officers and the same employees of the same Wall Street firms charged time and again with looting the public and newly implicated in originating and/or bundling mortgages they now call Toxic Assets.  BAILOUT LOOTING NOW!
These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse. There is also a large hedge fund, Citadel Investment Group, which is a major source of fee income to Wall Street. There are five large corporate law firms that are also registered lobbyists; and one is a corporate law firm that is no longer a registered lobbyist but does legal work for Wall Street. The cumulative total of these 14 contributors through February 1, 2008, was $2,872,128, while the resident was still in the primary season. (Source Open Secrets)



No comments: