We the Banks

December 15, 2010 | By | 1 Reply More

I caught this insanity at Democracy Now:

The next chair of the House Financial Services Committee, Rep. Spencer Bachus of Alabama has been quoted saying lawmakers and regulators should “serve” Wall Street. Speaking to the Birmingham News, Bauchus said, “In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks.” Shortly before the midterm elections that propelled him into the committee chairmanship, Bachus urged a gathering of financial industry lobbyists to donate heavily to Republicans in response to the Democrats’ overhaul of financial regulation.



Category: Corruption, Politics

About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

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  1. Brynn Jacobs says:

    I love these little moments of startling honesty. Like when Dick Durbin was quoted in 2009 as saying, "And the banks — hard to believe in a time when we're facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place."

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