Jim Himes, Former Goldman Sachs Executive, Introduces Bill To Deregulate Derivatives

[unhappycamper]

http://www.huffingtonpost.com/2013/03/07/jim-himes-financial-reform-derivatives_n_2827597.html

?6

Rep. Jim Himes, a former Wall Street executive, is introducing legislation that would deregulate derivatives.

Jim Himes, Former Goldman Sachs Executive, Introduces Bill To Deregulate Derivatives
The Huffington Post | By Chelsea Kiene
Posted: 03/07/2013 10:35 am EST | Updated: 03/07/2013 4:11 pm EST

Rep. Jim Himes (D-Conn.), a former Wall Street executive, is joining Rep. Randy Hultgren (R-Ill.) to introduce legislation that would deregulate derivatives, undercutting one of the most meaningful elements of the 2010 Dodd-Frank Wall Street Reform Act.

Derivatives -- which Warren Buffett has referred to as “financial weapons of mass destruction” -- are viewed as a key trigger of the 2008 economic crisis.

The bill would "allow banks to keep commodity and equity derivatives in federally insured units," Politico reported on Wednesday, meaning that banks would no longer be forced to spin off their trading desks. It would weaken Dodd-Frank's "push out" provision, otherwise known as the Prohibition Against Federal Government Bailouts of Swaps Entities, which bars federal assistance from being provided to any swaps entity.

Himes, who was recently named the national finance chairman of the Democratic Congressional Campaign Committee, is a former executive at Goldman Sachs, where he was a vice president.

[newfie11]

1. Insanity

Kiss the US economy bye bye

[MannyGoldstein]

2. "Please Senator Warren. Please ream me a new orifice."

This will be fun.

[JoeBlowToo]

3. Privatizing the profits and socializing the losses to screw the average taxpayer...

Notice that the risk will be held by federally insured banks!

[unblock]

4. i wouldn't describe a wall street "vice president" as an "executive".

wall street has an atypical nomenclature for its titles, mostly to make corporate ceos and cfos and treasurers comfortable talking to 25 year old kids.

i started my career as a computer consultant, and after 5 years of that, i got my first job on wall street, i was HIRED as a vice president. i was the boss of absolutely no one, no budget, i just had to work my ass off. trust me, it's a grunt job, title notwithstanding. within a couple years i was promoted to senior vice president, and was working "with" an analyst, to whom i could *suggest* what to do and how to do it, but had no say in her compensation or anything like that, still no budget, etc.

trust me, if you're not at least a "managing director", you're nothing, and then there is plenty of hierarchy above that as well.

[Festivito]

5. The height of stupidity.

Incredibly stupid.

[Fuddnik]

6. They had regulations in the first place??????

News to me.

[pscot]

7. No. Dodd Frank came after the meltdown

[Roland99]

8. and he has a (D) after his name?

just goes to show ya...two sides of the same coin

[mbperrin]

9. So THAT's what a bloodsucking parasite looks like!

WILL people take down an entire economy just to put money in their own pocket?

Obviously. But we don't have to help.