Financial Reform: It's Either Your Cojones Or Theirs
This is just stupid, I'm pretty much done giving a shit at this point. If I drop off the planet and you don't hear a peep out of me it's because I said "fuck it" and packed a bag for Central America. WTF is this shit?
The Treasury Department and a senior House Democrat have decided against making financial firms pay upfront the costs of dismantling them if regulators decide they have grown "too big to fail," according to a House aide familiar with the plan.
Instead, those companies would be allowed to borrow money from the government. The government would then recoup the costs by either seizing the firm's profits or seeking restitution from the entire industry, the aide said.
The aide spoke on condition of anonymity because details had not been released. Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, was expected to announce the agreement by Tuesday.
Who should pay to dissolve big financial institutions endangering the general economy has been considered among the toughest questions that Congress had to answer after last year's near-collapse of several firms that prompted hefty government bailouts.
Lawmakers know that voters are still angry from the bailouts and don't want to see taxpayer money on the line. At the same time, businesses say it is unfair to force them to invest their capital in advance to pay for the mistakes of others.
Scott Talbott, senior lobbyist for the Financial Services Roundtable, an industry group, said paying ahead of time into a fund "would expose the entire industry to paying for an unquantifiable risk and impose upfront additional costs during a recession."
Federal Reserve Chairman Ben Bernanke said in a speech last week in Chatham, Mass., that taxpayers shouldn't be on the hook.
"It is essential that there be a credible process for imposing losses on the shareholders and creditors of the firm," Bernanke said.
Name me one of these pricks who actually has your back. You, little pissed on taxpayer reading this going "yeah, fuck them!" - do you think brainiac Bernanke has your back? He's about ready to piss his pants, try again. Barney Frank? Really? He was getting his balls licked by some Fannie Mae exec, why does he care?
You guys keep holding out for that rainbow-puking unicorn and I'll be here laughing at your bitch asses. As if the Treasury ever had your backs.
These are kindergarten tactics and if you buy this, America, I've officially lost my last shred of hope in you to pull this off.