“Wall Street lobbyists are trying to secure taxpayer backing for many derivatives trades as part of budget talks to avert a government shutdown.
According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.
The bank perks are not a traditional budget item. They would allow financial institutions to trade certain financial derivatives from subsidiaries that are insured by the Federal Deposit Insurance Corp. — potentially putting taxpayers on the hook for losses caused by the risky contracts. Big Wall Street banks had typically traded derivatives from these FDIC-backed units, but the 2010 Dodd-Frank financial reform law required them to move many of the transactions to other subsidiaries that are not insured by taxpayers.”* The Young Turks host Cenk Uygur breaks it down.
*Read more here:
http://www.huffingtonpost.com/2014/12/04/wall-street-government-shutdown_n_6272776.html
Help end the corrupting influence of money in politics:
Sign this Petition & Support the 28th Amendment To #GetMoneyOut http://www.wolf-pac.com/petition
CLICK here to support Wolf PAC: http://www.wolf-pac.com/wolf_pac_membership_recurring_payment
Support TYT for FREE by doing your Amazon shopping through this link (bookmark it!)
http://www.amazon.com/?tag=theyoungturks-20