Leading Democrats: Congress, Senate Owned And Run By Bankers

Leading Democrats: Congress, Senate Owned And Run By Bankers:

"Those who created the banking crisis are also the most powerful lobby on Capitol Hill

Steve Watson
Infowars.net
Tuesday, June 2, 2009

The Democratic Chairman of the Agriculture Committee yesterday announced to the press that “The banks run the place,” in reference to the US Congress. He is the second notable elected official to speak out in recent weeks over the gross and institutionally corrupt conflict of interest on Capitol Hill.

“I will tell you what the problem is,” Collin Peterson told the New York Times, “they give three times more money than the next biggest group. It’s huge the amount of money they put into politics.”

Peterson is pushing for legislation to regulate derivatives trading. His proposed bill would limit derivatives trading to public exchanges, rather than private clearinghouses, which are managed by banks.

In this sense he directly opposes the proposal of Treasury Secretary Timothy Geithner, to have the transactions monitored by the New York branch of the Federal Reserve, a move also (coincidentally?) proposed by the heads of the banking industry.

Over-exposure to credit derivatives of mortgage-backed securities - or credit default swaps (CDS) was a key reason for the failure of Bear Stearns, Lehman Brothers, Merrill Lynch, American International Group, and Washington Mutual last year, and is at the centre of a financial black hole that is engulfing the economy".