Wall Street Demands Controversial Addition To Gov’t Shutdown Bill

Wall Street Demands Controversial Addition To Gov’t Shutdown Bill – http://huff.to/1zrpjLw

The democrats have to be prepared to shutdown the government before allowing such a provision and have a communications strategy to explain it.

The rule should be on the contrary, all derivatives are prohibited except for where there is tier 1 capital set aside as security for that derivative only, which cannot count for security towards any other derivative or towards the institution’s tier 1 capital capitalization requirements for bank security, and which cannot include directly or indirectly any funds of any sort insured by federal deposit insurance or any deposits at all, except where specifically, individually authorized by the depositor.

Derivatives secure from several sources should be allowed, but all the security should be required to be specifically listed in the document itself and again not be usable for any other purpose for the life of the contract.

In accordance with that, all derivatives would have to be officially filed, but that should not be enough, they should be readily available online in pdf form in their entirety, minimum 12 point type, with links to the security underwriting them so that it can be verified that it is locked down and not being used for multiple purposes.

The bank mentality is worse than a casino mentality, if they win their bets they don’t want to share, if they lose the taxpayers will be pushed to pick up the tab.¬†

It’s a straightforward fraud what the banks want, in my view any lawmaker that backs it should be investigated for corruption.

It’s also something where Rand Paul and Chris Christie should be urged to step up as early as possible, there needs to be a bi-partisan anti-idiocy coalition to oppose that kind of legislation and those are the two most logical people to reach out to.


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