Monday, January 06, 2014

As We Edge Toward "Safe Derivatives" For Credit Unions In The New Year ....

"I'm b-a-a-c-k…"

"Derivatives the financial instruments which were primarily responsible for the 2008 financial meltdown… "  

"[Now we have a Congressional] bill that has passed the House which would repeal certain restrictions on derivatives which was written primarily by Citibank lobbyists…"

"In a sign of Wall Street's resurgent influence in Washington, Citigroup's recommendations were reflected in more than 70 lines of the House committee's 85-line bill.  Two crucial paragraphs, prepared by Citigroup in conjunction with other Wall Street banks, were copied nearly word for word."  

(Lawmakers changed two words to make them plural.)

Take a look at how this anti-corruption group chose to address this "derivatives" matter with the lead Congressional supporter of the bill…

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