Dorgan Credit Default Swaps Financial Reform Amendment Tabled

[xocet]

Source: Senatus

An amendment offered by Senator Byron Dorgan (D-ND) to the Restoring American Financial Stability Act (S. 3217) has been tabled by a vote of 56-38. Senate Banking Committee Chairman Chris Dodd (D-CT) offered the motion to table the amendment.

The amendment would “outlaw so-called naked credit default swaps, in which investors essentially purchase insurance on bonds that they do not own,” according to the New York Times.

Read more: http://senatus.wordpress.com/

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There is not much to say about this. It seems to be par for the course for the US Senate.

On Edit: This was just on C-SPAN2. The first linkable source which I could find for it is this blog: http://senatus.wordpress.com/. However, now this story is mentioned at http://tpmdc.talkingpointsmemo.com/2010/05/dorgan-not-interested-in-voting-for-too-weak-financial-reform.php. My apologies for the irregular posting.

[Joanne98]

1. We're getting fucked!

[girl gone mad]

3. What's new?

[youngharry]

8. Chris Dodd

You know anything Chris Dodd's Committee does is weighted in behalf of the Corporations. He's the biggest Corporate WHORE in the Senate, even though he throws smoke screens up to hide the fact. He's retiring before he's really exposed. Just look at credit card Bill. He gave the banks several months to screw America before the Bill went into effect. He's the scum of the earth.

[liberation]

10. The whole Bush clan, Lieberman, Dodd... Ah, Connecticut, the gift that keeps on giving!

[No Elephants]

15. Let;s not forget "I 'msspoke' about serving in Vietam" Blumenthal.

Whether you were in armed combat or not is such an easy thing to misremember, too.

[No Elephants]

13. Afraid Barney Frank has to at least share in the "credit" for the delay in the credit card bill.

Claimed it had ever occurred to him that the banks would misuse the time period, or some such rot.

[fascisthunter]

2. phony bastards

[RandomThoughts]

4. I think on this movie. It seems to be what some want.

BackDraft
http://www.youtube.com/watch?v=hBqOpaRAXJc

[Francisco]

5. Wait a minute...

Weren't these Credit Default Swaps one of the major reasons behind the whole economic collapse thing that just happened? You know the one that doubled unemployment and made alot of people lose their homes and all that other bad stuff. lol WTF is going on?!?!?!

[liberation]

9. It is a scam and they make the rules as they go along...

... the real comedy is when you see most people out there take those rules way too seriously, and are willing to fuck up their lives in order to comply with them. Rules, which the people making them tend to break/ignore/modify, the minute they have to abide by them.

What I want to know is how no one has stop and request explanations from Wallstreet, as to why the volume of derivatives is in the tens of trillions of dollars. This means that derivatives are worth, at least, an order of magnitude more than our GDP. They truly are making money out of thin air sans any correlation to reality whatsoever. Thus making the arguments by most capitalist regarding their justifications for the whole concept of capital kind of moot. It seems that the financial sector is making up numbers, and they hold a gun to the temple of our society and request we provide the assets to cover up the money they just made up and they feel entitled to. It is a magnificent scam...

Humans are an interesting species that is for sure.

[No Elephants]

16. Well, a combination of them and "too big to fail," and the WH opposes breaking up

companies that are too big to fail.

So, if this were a horse race, Wall Street would have a perfecta.

I haven't kept up with all the amendments, though. Maybe something good snuck into Dodd's fake reform bill?

When Professor Warren likes it, I'll like it.

[florida08]

6. Dodd sucks

[neverforget]

7. I'm shocked.

Not.

[unkachuck]

11. stand....

....a good safe distance away from all those crooked wall street casinos and banking parlors....they've fucked people way above me in this food chain, and those people won't be back anytime soon....so long as it's 'business as usual'....

[JDPriestly]

12. Horrors! This is bad, bad news.

[No Elephants]

14. Wouldncha just know it? Just when something goes on a table in Congress, it's something

bad for average Americans?

Otherwise, Congresscritters are just great at taking stuff off the table.