Does anyone remember the days around 2008?
The financial collapse….remember now?
Well after the collapse Congress did all they could to make things better for the society and spawned the rooks on Wall Street…..it was called Dodd-Frank.
In case you have no damn idea what I am talking about…..
Dodd-Frank is also geared toward protecting consumers with rules like keeping borrowers from abusive lending and mortgage practices by banks.
It became the law of the land in 2010 and was named after Senator Christopher J. Dodd (D-CT) and U.S. Representative Barney Frank (D-MA), who were the sponsors of the legislation.
But not all of the provisions are in place and some rules are subject to change, as we’ll see.
The bill contains some 16 major areas of reform and contains hundreds of pages, but we will focus here on what are considered the major rules of regulation.
Basically the Congress allowed the industry to write the bill and then makes it look like someone is protected……you are NOT!
The pandemic has created a similar situation,,,,and Congress is doing what it always does….bails out the crooks as a solution to the problem….
Big business and banks are just as corrupt and eager to shovel profits to senior executives 10 years after the landmark banking reform legislation known as Dodd-Frank as they were during the 2008 crisis, a new report warns, because the bill’s regulations on executive pay remain unimplemented.
“White collar crime pays, and until Congress enacts the rules to change it, we’ll continue to see top executives raking in off catastrophes of their own making,” report author Bartlett Naylor, financial policy advocate at Public Citizen, said in a statement.
The report lists billions in bonus cash paid out to executives over the past decade despite Dodd-Frank’s regulatory framework banning such cash-outs.
“It’s 2008 all over again,” said Naylor. “Congress is bailing out Big Business and enriching CEOs while workers scrape by as the economy lurches downward in a pandemic.”
Once again the Congress is only protecting their donors……. they care NOTHING for the “people”……and yet we are to believe that they have our best interests at heart……
Time for them to have a wake up call….and the people take back the government that began with them in mind and has gone so far off the original track.
I Read, I Write, You Know
“lego ergo scribo”