The International Banking Cabal Must Be Disgorged ~ Libor Scandal
RESTORE GLASS STEAGALL before it's too late! [V.K.D.]
The International Banking Cabal Must Be Disgorged ~ Libor Scandal
The real story surrounding the news that the London Interbank Offering Rate was manipulated is that the financial system that mechanism is a part [of] has died, and a return to the Glass-Steagall Act in both London and the United States is the first step to replacing that system.
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Gramm unsuccessfully sought the Democratic nomination for U.S. Senate in 1976. He first won election to the House of Representatives as a Democrat three years later. Democratic Congressman (1979-1983), a Republican Congressman (1983-1985) and a Republican Senator (1985-2002) from Texas. He was a senior economic adviser to John McCain's presidential campaign from the summer of 2007 until July 18, 2008.
First a word about Gramm-Leach-Bliley & The Glass Steagall Act
Bill Clinton Repeals The Glass Steagall Act in 1999 allowing Banks to invest depositor's hard earned cash in high risk bubbles.
[Gramm-Leach-Bliley Act] repealed the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and two years prior to the repeal of The Glass Steagall Act and in violation thereof, formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation looting American's hard earned savings in high risk investment/bubbles.
Support for Repeal of the Glass-Steagall Act
When he was Treasury Secretary, Larry Summers advocated repeal of the Glass-Steagall Act, which was a target of the financial industry. In their report - "Sold Out: How Wall Street and Washington Betrayed America" - Robert Weissman and Harry Rosenfeld identified the repeal of this legislation as one of the main causes of the 2008 financial crisis.
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According to Weissman and Rosenfeld, "The Financial Services Modernization Act of 1999 formally repealed the Glass-Steagall Act of 1933 (also known as the Banking Act of 1933) and related laws, which prohibited commercial banks from offering investment banking and insurance services... The 1999 repeal of Glass-Steagall helped create the conditions in which banks invested monies from checking and savings accounts into creative financial instruments such as mortgage-backed securities and credit default swaps, investment gambles that rocked the financial markets in 2008". 
Summers worked for Congressional approval of the Financial Services Modernization Act, sponsored by Republicans Phil Gramm, Jim Leach and Thomas Bliley. This Act eliminated provisions in the Glass-Steagall Act that prohibited banks from affiliating with securities firms. It also repealed provisions in the Bank Holding Company Act that prevented banks from underwriting insurance.
Summers has promoted financial deregulation as a form of modernization, rather than a return to the lack of government oversight and instability of the pre-Depression era. In 1999, Summers claimed the Financial Services Modernization Act would create a financial regulatory system "for the 21st century" and "promote stability in our financial system".  However, Democrat Senator Byron Dorgan warned at the time "I think we will look back in 10 years' time and say we should not have done this, but we did because we forgot the lessons of the past, and that which is true in the 1930s is true in 2010. We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness". 
Summers argued for elimination of the Glass-Steagall Act by saying it imposed "archaic financial restrictions." He said that the US government "must allow competition to work" and that meant "allowing common ownership of banking, securities and insurance firms". Summers insisted that US financial organizations must have the ability to choose "the structure that is right for them" and to offer "a full range of products". In Summers' view, the Financial Services Modernization Act that repealed Glass-Steagall struck the right balance between giving financial institutions more flexibility and protecting US taxpayers. 
Summers cast the repeal of the Glass-Steagall Act as a victory for the international competitiveness of US financial firms and for US consumers: "If it can be done without compromising other critical objectives, repeal of the common ownership restrictions of current law would be an important boost to our financial system. Our leadership of the world's financial markets would be enhanced. And consumers would see the benefits in the form of greater innovation and lower prices". 
However, the financial innovation that followed the repeal of the Glass-Steagall Act has been criticized for its damaging effects on the US economy and US taxpayers. In their report proposing financial regulatory reform, the Congressional Oversight Panel for the Troubled Asset Relief Program observed that "Creativity and innovation are too often channeled into circumventing regulation and exploiting loopholes". The Panel's report notes how after the introduction of key financial regulations during the Depression - including the 1933 Glass-Steagall Act that Summers helped to repeal - the US had enjoyed a long period of high economic growth that was also free of major financial crises. 
The Elites Responsible For Orchestrating The Destruction Of The Glass Steagall Act Of 1933:
Rothschild Federal Reserve:
This sea change in regulation was orchestrated by Sanford Weill and assisted by Robert Rubin, who became the second in command at Citibank after his stint at The U.S.Treasury.
Rubin, was Clinton's Secretary of Treasury and was instrumental in getting The Gramm-Leach-Bliley Act passed. Larry Summers was, then, his current Secretary Of Treasury, who is now one of Obama's economic "advisors". What goes around, comes around; they are all culpable.
"Commercial banks are not supposed to be high-risk ventures; they are supposed to manage other people's money very conservatively", writes Nobel Prize-winning economist Joseph Stiglitz. "It is with this understanding that the government agrees to pick up the tab should they fail. Investment banks, on the other hand, have traditionally managed rich people's money — people who can take bigger risks in order to get bigger returns. When repeal of Glass-Steagall brought investment and commercial banks together, the investment-bank culture came out on top".
The Stooges That Wrote The Gramm-Leach-Bliley 'Bill' aka; Financial Services Modernization Act, that is presently destroying the World.
Wall Street Bankers & Insurance Companies Got three Stooges To Write A Bill To Repeal The Glass Steagall And Thus Loot The U.S. Citizens Depository Earnings Into Speculative High Risk Investments. [Those three Stooges] were:
Congressmen Phil Gramm (R-Texas)
Jim Leach (R-Iowa)
Thomas J. Bliley, Jr. (R-Virginia)
No need to study the Senate Or House Records to see if it was Democrat Or Republican as Gramm-Leach-Bliley passed with bi-partisan support. Those who clandestinely supported the bankers, and knew the *bill* would pass like Charles Schumer, would vote against the *bill* to maintain a "for the people image" for re-election.
Deadbeat New York Senator Charles Schumer: Covers For Deadbeat New York Mayor Bloomberg's Expatriated Millions To Oversea Banks! link to politicalvelcraft.org
Charlie Schumer's Shuffle: The Benedict Arnold Of The Glass Steagall Act & The Rothschild Champion Sleeper Cell For Wall Street link to politicalvelcraft.org
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