Senator Scott Brown has trumpeted his role in casting the deciding vote in favor of the 2010 Wall Street overhaul, but records show that after he voted for the law, he worked to shield banks and other financial institutions from some of its tough provisions.
E-mails between Brown’s legislative director and US Treasury Department officials show that Brown advocated for a loose interpretation of the law so that banks could more easily engage in high-risk investments.
Comments
the dodd-Frsnk bill should be tossed. thousands of pages of regulations that no one understands. Banks want to take risks, no tax payer money, they can fail. Keep the government out, they only make it worse.
Sorry if I missed it, but where is the link to a copy of those emails?
Migh, we have insurance so that main street depositors will have confidence that we wont lose our money in downtimes and have a run on banks like whatbhappened in 1929. Thats the reason we had Glass steagal act. So that insurance shouldnt be used to finance gambling in the stock market. Volker's rule keeps greedy bankers slick hands off our deposits. Separates main street banking money from wall street stock market gambling and keeps the money invested in local businesses since it would need a place to go.
Ah Migh, just a little leason in Banking, whose money do you think they are putting at risk? The issue really is the seperation of the banking side ie. savings/checking accounts from the investment side (risk taking). The money at risks is all of ours..
Scott Brown the number 1 poster boy for Wall Street. Way to go Scott, we elected you so you could protect Wall Street and Grover Norquist. Keep up the good work, can't wait for your next book..
Banking should be simple and dull. Pay deposits X interest, and write mortgages at X + Y. The difference between the two represents overhead and profit. "Nuff said.
Did any banks fail because they were putting 3% or less in high-risk investments? It sounds like once again Scott Brown is the voice of reason recognizing that yes, regulation is required but we also don't want to strangle investment and the economy.
Way to go,Scooter!! Do the big public vote then shake the etch-a-sketch. Nice job representing the commonwealth. Can we stop calling this fool senator brown and change it to INTERIM senator brown? Now we have options, he doesn't stand a chance at election.
This, of course, is why Wall Street loves Scott Brown, and why we shouldn't.
That Scott, he's just a regular guy, with some very, very, very rich good buddies.
The Globe is a tool for the Warren campaign. How about going after college records and applications for Warran and her daughter claiming Native American heritage. Also file a FOIA for e-mails about why Obama did not appoint her to the consumer protection position.
Don't people know arguing whether someone is an indian or not is more important than safeguarding banks and Wall st.?
Another Dodd-Frank bill that's a weak attempt to correct what Dodd and Frank did to ruin the economy. Scott Brown is clearly the best Senator that Massachusetts has had in decades. Kerry is such a phony and has done nothing in decades. Warren should run against Kerry or go back to Oklahoma and run for Senate.
Dodd-Frank is what is ruined the economy?????? That is an interesting take considering that it was passed after the economy had tanked under the prior administration and we were losing 700,000 jobs a month. On top of this, Scott Brown has voted with the Republicans to cut funding for the Consumer Protection Agency, so that his vote to pass it would appear to be a way to make himself appear to be bi-partisan while not truly supporting the reforms to protect the people from predatory practices.
Obama did not appoint her to the position because the Republicans absolutely refused to even consider her. The Senate Republicans wrote a letter to Obama saying they would not approve her. They knew she would go after many of the unfair practices of the financial world and they vigorously opposed it. This was all out in the open.
Bear Stearns, Lehman Brothers, Merrill Lynch.
"I am Scott Brown and I approve this message."
"I am Scott Brown and I approve this message."
"I am Scott Brown and I approve this message."
Does anyone else here have trouble with the Reply feature? I see 'grey boxes' without text under folks postings, such as yahoo3, that I suspect are replies. If you respond, don't hit reply, I won't see it!
A yahoo, indeed. No need to allow facts to confuse you.
Try reloading the page. I have to do that a lot. Things like reply, like and dislike often don't work without a reload.
Oh, it's fine for the Globe to print daily stories about the heritage controversy, but one negative story about Mr. Perfection and the paper has become "a tool of the Warren campaign." What a joke you are.
Wow that didn't take long...the Warren-Tass news agency is already on the job. The Globe could have waited a day to not make this "reporting" seem legitimate...but we know that they just can't help themselves. Our say this for the the Globe, they're loyal. Once they're in the tank, they stay in the tank. By the way the Dodd-Frank Bill, doesn't the name says it all? A second generation lifer hack and corruption grand jury finalist coupled with the Fannie Mae / Freddy Mac clueless cheerleader. What could go wrong here?...Check your bank or credit card statements lately? Thank you Congress, you've done it again! Wake me up when we see the Wall Street contribution breakdown for each candidate and how much of it was sent back.
For decades after the Depression era banks weren't allowed to be involved in risky investments at all. The banks were smaller and more stable, and they didn't pay their management outrageous salaries and benefits. The main thing that's changed is an increase in the greed factor.