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Saturday, April 24, 2010

Financial Reform Update

Quick updates

The Senate Permanent Subcommittee on Investigations headed by Carl Levin, one of the good guys, released a slew of damning internal Goldman Sachs e-mails. Lloyd Blankfein, recent American Idiot recipient and other Goldman execs will be appearing before the Subcommittee on Tuesday. Should be interesting.

Meanwhile, surprise surprise, bipartisanship has been put on the backburner again as Republicans don't like the idea of a Financial Consumer Protection Agency actually having any power. We'll see if the Democrats will try to open debate in the Senate on Monday despite threats by the Republicans to filibuster. The GOP are still dancing to Wall Street's tune.

Yesterday the ratings agencies appeared before the Subcommittee and basically admitted that the system is totally corrupt. They gave the entire pile of shit 5 star ratings lest they lose the huge fees they were being paid to rate the shitpile.

Much more in the coming days.

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