From LaVern Isely
Monroe
To the editor:
I just got done reading a wonderful book written by Dylan Ratigan, who is on MSNBC, titled "Greedy Bastard$!: How We Can Stop Corporate Communists, Banksters and Other Vampires from Sucking America Dry." Both names (Greedy B) are in the dictionary but when I asked a network to interview him, they said they wouldn't because they didn't like the title of the book. Granted, it could have been titled different, like greedy hedge funds or private equity, which I don't think he used either one in the book. The description of them, though, was very vivid when one of his sub-titles was "Leverage: America's Financial Speed Limit."
It all started back in 1947 when there was a huge demand for homes and the investment bankers and the way they used CDOs (Consolidated Debt Obligations), which are derivatives. He put a lot of time on them. He goes after both political parties - Democrats and Republicans: How they sold out to corporations that gave them large contributions at election time and then if they lost the election, they went to work for the very greedy corporations that financed their losing effort.
He pointed out some of the good politicians, like Senator Feingold and Brooksley Born, who had a verbal fight during the Clinton administration, when she wanted to regulate derivatives. Clinton later admitted to ABC News that he was wrong to get rid of Glass-Steagall but both parties favored doing it at the time, 1999.
When President Obama got elected, he tried to replace it with Dodd-Frank; the banking lobby jumped all over that because they didn't want any regulations on the derivative market, which is what they're using to finance all their wild individuals, like Enron, WorldCom, AIG, Fannie and Freddie, Bernard Madoff, MF Global and now Jamie Dimon of JP Morgan, who is being investigated by Congress, when JP Morgan went from good to bad in virtually a week because Dimon didn't know how much money was missing from his London branch.
As I said before, there's no way you can escape the role of derivatives in the upcoming fall election. Obama, who wants to tax hedge fund dealers, and Mitt Romney, who was in private equity, who doesn't want to tax them, even though both parties should take the issue of paying your bills seriously and quit borrowing.
Monroe
To the editor:
I just got done reading a wonderful book written by Dylan Ratigan, who is on MSNBC, titled "Greedy Bastard$!: How We Can Stop Corporate Communists, Banksters and Other Vampires from Sucking America Dry." Both names (Greedy B) are in the dictionary but when I asked a network to interview him, they said they wouldn't because they didn't like the title of the book. Granted, it could have been titled different, like greedy hedge funds or private equity, which I don't think he used either one in the book. The description of them, though, was very vivid when one of his sub-titles was "Leverage: America's Financial Speed Limit."
It all started back in 1947 when there was a huge demand for homes and the investment bankers and the way they used CDOs (Consolidated Debt Obligations), which are derivatives. He put a lot of time on them. He goes after both political parties - Democrats and Republicans: How they sold out to corporations that gave them large contributions at election time and then if they lost the election, they went to work for the very greedy corporations that financed their losing effort.
He pointed out some of the good politicians, like Senator Feingold and Brooksley Born, who had a verbal fight during the Clinton administration, when she wanted to regulate derivatives. Clinton later admitted to ABC News that he was wrong to get rid of Glass-Steagall but both parties favored doing it at the time, 1999.
When President Obama got elected, he tried to replace it with Dodd-Frank; the banking lobby jumped all over that because they didn't want any regulations on the derivative market, which is what they're using to finance all their wild individuals, like Enron, WorldCom, AIG, Fannie and Freddie, Bernard Madoff, MF Global and now Jamie Dimon of JP Morgan, who is being investigated by Congress, when JP Morgan went from good to bad in virtually a week because Dimon didn't know how much money was missing from his London branch.
As I said before, there's no way you can escape the role of derivatives in the upcoming fall election. Obama, who wants to tax hedge fund dealers, and Mitt Romney, who was in private equity, who doesn't want to tax them, even though both parties should take the issue of paying your bills seriously and quit borrowing.
