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According to the Wall Street Journal,
The industry is working to influence a long list of Dodd-Frank rules, including sweeping ones for the nearly $583 trillion derivatives market and restrictions on the size and activities of the largest banks. Many are also weighing in on mortgage-finance issues as policy makers address problems with foreclosures and how to revamp mortgage-lending giants Fannie Mae and Freddie Mac, which now are under federal control.
The disclosures show that 26 of the financial firms and trade associations that spent the most in 2010 collectively spent $27 million in the three months ending March 31, a 2.7% increase from the $26.3 million spent in the comparable period in 2010.
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Yeah how is this not corruption!? We in America try to pride ourselves on our free speech and equal representation but that's definitely not the case. More likely than not the banks and elite institutions are represented by politicians, not the lower class. Not the general public and their well-being.
ReplyDeletePolitics are just getting so ridiculous. There are lax term limits, lack of knowledge of political beliefs of our congressmen, most people who vote are voting on self image and how much they can dish out on campaigning. And where do they get that money? From the institutions that fund them. So therefore they are only looking out to support these institutions and keep them afloat. So how is this not corruption? How are we any better than any other corrupt country?
I didn't know estimates of the derivatives market played such a major financial role in our economy. I can see why they financial firms are spending copious amounts of cash in order to sway lawmakers. I can see where Michelle's comments are coming from. It really makes active citizens lose faith in the government. But in all reality these circumstances are necessary (for the firms and companies) to direct their companies in the right direction and to garner favor with the government when they are trying to address the problems with the current mortgage and lending crises.
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