Truth Dig - With the passage of the 2015 federal budget bill, JPMorgan CEO Jamie Dimon got lawmakers to repeal a key part of the 2010 Dodd-Frank financial reform law and allow banks to use the savings accounts of ordinary Americans to gamble in the stock market on behalf of hedge funds, corporations and the rich.
A former senior Treasury official in the Obama administration told The Washington Post that the law restores the ability of banks to use the same practices that helped bring down the global economy in 2008. “This was the epicenter of the crisis,” the official said. “This is what brought AIG down, what brought Lehman Brothers down.”
By a vote of 56 to 40 on Saturday, the Senate passed the $1.1 trillion bill to fund the federal government through September 2015. ... Six Senate Democrats—Elizabeth Warren, Sherrod Brown, Al Franken, Joe Manchin, Claire McCaskill and Vermont independent Bernie Sanders—opposed the final version of the bill by voting against the motion that ended debate on it.
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Get used to living in toolsheds, America!
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