Dodd Proposes Removing Fed, FDIC Bank Oversight Power

Senator Christopher Dodd proposed creating a single U.S. bank regulator and stripping supervision from the Federal Reserve and Federal Deposit Insurance Corp.

[Eleanor]

Federal Deposit Insurance Corp. has been doing PLENTY WELL with all the recent bank failures. Now is not the time to start messing with it.

[free - dim]

it makes sense in our current system to have only one main regulator but they will be skeptical of consumer protectino agency because of how aol and paypal does business

[sue]

Dodd needs to plan for his retirement. Hes gone in the election.

[Dos]

didn't chris dodd receive preferential interest rates for his mortgage?

didn't chris dodd get a pardon for his buddy from clinton?

and after the pardon didn't dodd buy out the ownership of an irish cottage from the pardoned buddy?

Connecticut has apparently elected a guy who seeks to steal from the power of his position.

Time to vote out Dodd, the last remanent of the Kennedy years.

Go to it, CT residents.

[Danny_Livewire]

This is just a ploy to gain the support of the anti-FED movement that is gathering steam all across the nation...

Putting all that power into the hands of one individual or organization is a very scary thought.

[jon]

more government? what is gonna happen next time?

[The laughing liberal]

Dodd Pay Plan Called Toothless as Bonuses Set Record

By Ian Katz and Jesse Westbrook

Nov. 10 (Bloomberg)-- U.S. Senate Banking Committee Chairman Christopher Dodd’s plan to revamp financial requlation may do little to rein in Wall Street compensation as Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank prepare to pay record bonuses.

A bill introduced today by the Connecticut Democrat would rewrite financial-industry rules. It includes a non-binding shareholder vote on executive pay, gives investors more power to elect directors and requires that publicly traded companies allow pay to be clawed back, or recouped, if it was based on inaccurate financial statements.

“For the most part it’s pretty hollow, a toothless tiger,” said Paul Dorf, managing director of Compensation Resources Inc., a pay consultant based in Upper Saddle River, New Jersey. The legislation needs more penalties if the rules aren’t followed, Dorf said today in a telephone interview.

Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co.’s investment bank will hand out a combined $29.7 billion in bonuses, according to analysts’ estimates. That’s up 60 percent from last year and more than the previous high of $26.8 billion in 2007. The companies are the biggest banks to exit the U.S. Troubled Asset Relief Program.

The Federal Reserve said last month it will review the 28 largest banks to ensure that compensation doesn’t create incentives for the kinds of risky investments that brought the global financial system to the edge of collapse, prompting bailouts of firms including Bank of America Corp. and Citigroup Inc. It offered guidelines on tying pay to risk management.

Payouts for Managers

Under Dodd’s proposals, shareholders would vote on so- called golden parachutes, in which managers receive payouts when a company is acquired. The non-binding vote on compensation, or say-on-pay, has been endorsed by the Obama administration and approved by the U.S. House.

Dodd’s proposals “leave shareholders in their advisory role,” said James Post, a professor of corporate governance and ethics at the Boston University School of Management.

“Management is not obliged to follow them.”

http://www.bloomberg.com/apps/news...

Typical worthless demoscat legislation from the ahole that allowed much of the corruption in the 1st place.

[The laughing liberal]

Danny_Livewire wrote:

This is just a ploy to gain the support of the anti-FED movement that is gathering steam all across the nation...
Putting all that power into the hands of one individual or organization is a very scary thought.

Agree

[The laughing liberal]

Consider the fact that after all this talk from this screwy admin creating a new federal regulator, the state agencies the currently handle their own affairs brought 7000 actions against compainies while the Federal Gov agencies brought ZERO!

Now you tell me who is doing their job and who has NO CLUE or is bought off like most of Congress!

Say NO to idiot Obama's plan to steal oversight power from the States!

[neoCON say what]

Danny_Livewire wrote:

This is just a ploy to gain the support of the anti-FED movement that is gathering steam all across the nation...
Putting all that power into the hands of one individual or organization is a very scary thought.

The fed is corrupt to begin with. The whole unfounded monetary system was created by bankers who charge the U.S interest on their own money.

google federal reserve..or read the book secrets of the federal reserve..jekyll island..etc use google it's your friend.

or if you are too lazy like me:

http://www.apfn.org/apfn/reserve.htm

[neoCON say what]

Excerpt: "Thus the proposed Federal Reserve Bank was to be "controlled by Congress" and answerable to the government, but the majority of the directors were to be chosen, "directly or indirectly" by the banks of the association. In the final refinement of Warburg’s plan, the Federal Reserve Board of Governors would be appointed by the President of the United States, but the real work of the Board would be controlled by a Federal Advisory Council, meeting with the Governors. The Council would be chosen by the directors of the twelve Federal Reserve Banks, and would remain unknown to the public."

THAT'S HOW IT REMAINS TO THIS DAY.

[neoCON say what]

The laughing liberal wrote:

<quoted text>
Agree

"Federal Reserve proposal was unconstitutional from its inception, because the Federal Reserve System was to be a bank of issue. Article 1, Sec. 8, Par. 5 of the Constitution expressly charges Congress with "the power to coin money and regulate the value thereof.". Warburg’s plan would deprive Congress of its sovereignty, and the systems of checks and balances of power set up by Thomas Jefferson in the Constitution would now be destroyed. Administrators of the proposed system would control the nation’s money and credit, and would themselves be approved by the executive department of the government. "

[Oregon Is Disgusting]

What about actually watching over the Fed. Try that first and try to figure out exactly how many trillions went into the maw of Wall Street.

Things are toothless because they are completely corrupt.

[Bahia Honda]

The laughing liberal wrote:

Consider the fact that after all this talk from this screwy admin creating a new federal regulator, the state agencies the currently handle their own affairs brought 7000 actions against compainies while the Federal Gov agencies brought ZERO!

Now you tell me who is doing their job and who has NO CLUE or is bought off like most of Congress!

Say NO to idiot Obama's plan to steal oversight power from the States!

Great Points

[Just saying]

I would'nt let Dodd clean my toilet, let alone write any thing that effects this country. He is gone in the next election any way.

[Carol]

Why wouldnt this not be like anything else. Competition creating lower prices?
That being said, I would never trust this administration or congress to not put the exact same people back in power after they wash their faces and change their names. You know how they like to change the names of things so they look more palitable. Like from amnesty to comprehensive and from terrorist to man created. How about that word transparancy....thats a real kicker...lol. And this is the way the fed got in in the first place....changing names and trickery.

[Carol]

I might add, from illegal to undocumented and illegal immigrant more recently to just immigrant.

[Le Jimbo]

Danny_Livewire wrote:

This is just a ploy to gain the support of the anti-FED movement that is gathering steam all across the nation...
Putting all that power into the hands of one individual or organization is a very scary thought.

Major Polls Agree on What Americans Are Feeling.
Republicans Edge Ahead of Democrats for 2010 House Elections, Poll Shows
According to a Gallup poll released Wednesday, 48 percent of voters said they would back a Republican, while 44 percent said they would support a Democrat, if the 2010 House elections were held today.

RASMUSSEN POLL: OBAMA AT 46% APPROVAL...wow, what would it be without his teleprompter.

[The Fungus Among Us]

Why can't Dodd simply fulfill his civic duty and end his miserable life of thugery, fraud, and conspiracy.

This consummate A-hole needs to go in a big way .. and I sincerely hope the good citizans of CT will help fulfill his destiny in the next election

[JRobert]

Dos wrote:

didn't chris dodd receive preferential interest rates for his mortgage?
didn't chris dodd get a pardon for his buddy from clinton?
and after the pardon didn't dodd buy out the ownership of an irish cottage from the pardoned buddy?
Connecticut has apparently elected a guy who seeks to steal from the power of his position.
Time to vote out Dodd, the last remanent of the Kennedy years.
Go to it, CT residents.

Chris Dodd is one of the weasels who caused the meltdown. Now, he attempts to play statesman? Now, we're supposed to trust him? I don't think so.

We're coming for you, Chris. You deserve to be censured and run out of town, just like your daddy, Tom.