The Endless Chain A single example will illustrate the vicious circle of control–the endless chain–through which our financial oligarchy now operates: J.P. Morgan (or a partner), a director of the New York, New Haven, & Hartford Railroad, causes that company to sell to J.P. Morgan & Co. an issue of bonds. J.P. Morgan & Co. …
Tag: melissa bean
Bean and New Democrats Linked to Key Wall Street Lobby
Last week LittleSis reported that Rep. Melissa Bean receives significant support from the Wall Street interests who helped weaken new financial reform legislation. One such supporter is the Securities Industry and Financial Markets Association (SIFMA), Wall Street’s primary lobbying organization. SIFMA funds many of the New Democrats who helped pass the Bean amendment, as well …
Melissa Bean’s backers are key Obama associates
A group of “New Democrats” led by Representative Melissa Bean has reportedly won major concessions in the financial reform fight: The compromise reached late Wednesday between pro-reform House Democrats and the banker-friendly wing of the party could significantly weaken consumer protection in states where lawmakers support tougher rules against tactics such as predatory lending and …