Thom's blog - Tuesday November 9th, 2010
You need to know what the big banks are up to. After Democrats passed Wall Street reform legislation earlier this year – big banksters are now trying to soften many of the new rules put in place to prevent another financial crisis. At a conference yesterday – Wall Street lobbyists and big bank CEO’s met to discuss ways to “reshape” new rules. Morgan Stanley CEO James Gorman railed against what he called anti-Wall Street sentiments coming out of Washington and urged, “The financial system nearly shut down. It's only two years on. You need a little bit of patience to rebuild, to accumulate the capital you need.” Boo-hoo. Right...the consumers need patience – yet, the CEOs can’t wait another second to collect their fat bonus checks. This year, executive bonuses are expected to be higher than last year – seems like they’re doing ok to me. Of course these CEOs have a new ally in Congress as Republicans – like incoming House Majority Leader Eric Cantor - have vowed to soften parts of the Wall Street Reform bill. Do they not remember what got us into this mess 2 years ago?! However - one place big banks don’t have an ally is in the newly created Consumer Financial Protection Bureau – temporarily headed by Elizabeth Warren. Appearing on MSNBC last night, Warren said this about the big banks’ efforts to kill consumer protections, “"The Wall Street lobbyists said they would kill it before it was ever born. They lost. And they lost because this is an agency that really is there for middle class families." Finally – after 2 years – It looks like someone in the Obama Administration is looking out for the little guy.