I caught this insanity at Democracy Now [1]:
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.
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