J.P. Morgan Chase $13B Settlement To Be Announced Today, But Regulation Has Not Been Restored an No Deterent Is In Place To Prevent IThem From Doing It Again

Too Big To Fail Corporations Are Actually Bigger Than When They Caused The Biggest Financial Collapse Since The Great Depression

Remember What They Caused

On October 22, 2013 I posted an article on this site summarizing the chain of events that caused the 2008-2009 financial disastrous collapse Will the $13B Settlement Deter Others? After Bear Stearns was bailed out, and it was determined that Lehman Bros. would be allowed to fail, barring further government bailouts, Fed Chairman Tim Geithner and others had the other shoe drop, AIG. It was realized that through deregulation that had been in place since 1922 that AIG was Too Big To Fail, fearing total worldwide financial collapse. They, AIG, JP Morgan, and others had wiped out Americans net worth through there 401k’s and the housing debacle. The stock market went to 7900 (coincidentally the stock market went over 16,000 yesterday, doubling where it was after the collapse.) People not only lost their homes but with their 401k’s being severely reduced, found 65 year old people and many others without their retirement savings and having to look for work.

What was done to Prevent This From Happening Again?

Well, on July 1, 2010 H.R. 4173 (111^th): Dodd-Frank Wall Street Reform and Consumer Protection Act was signed by President Obama. This was to restore the regulations set after the great depression. Here is how well we’re doing on implementing that law according to http://www.davispolk.com Dodd-Frank Progress Reports Monthly

November 1, 2013 REPORT

In the past month, no rulemaking requirement deadlines passed, six rulemaking requirements were proposed and one rule was finalized to meet a rulemaking requirement.
As of November 1, 2013, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed. Of these 280 passed deadlines, 170 (60.7%) have been missed and 110 (39.3%) have been met with finalized rules.
In addition, 162 (40.7%) of the 398 total required rulemakings have been finalized, while 115 (28.9%) rulemaking requirements have not yet been proposed

The World’s 29 Too Big To Fail Banks, JPMorgan At The Top

The updated list of the world’s too big to fail banks is out today and JPMorgan Chase along with HSBC are at the top.The Financial Stability Board amends the list each year after examining banks to decide which ones pose a threat to the global economy if they were to fail. Forbes List of Banks Too Big To Fail The list of Too Big To Fail banks has grown and so has the banks themselves. They are actually bigger then when the financial crisis occurred. Their profits are growing, their bonuses have been back for awhile and the stock market has doubled since 2009. Middle class income and salaries are not growing and income equality is increasing.

Corporations Have Too Much Influence On Politicians

Since the Citizens United ruling by the Supreme Court things have only gotten worse. Things will not get any better unless there is a Constitutional Amendment to overturn Citizens United. This is not a partisan issue, it is not a Right/Left issue, it is not a Conservative/Liberal issue. Polling has long indicated support for an amendment. A 2010/2011 Peter Hart Poll found that 79% of all Americans, including 68% of Republicans, 82% of Independents, and 87% of Democrats support a Constitutional Amendment. An Opinion Research Corporation (ORC) poll found that overall 69% of Americans agreed that “new rules that let corporations, unions, and people give unlimited money to Super PACS will lead to corruption. Three out of four Republicans (74%) agreed with this statement. 71% of Republicans also agreed that “if a company spent $100,000 to help elect a member of Congress, it could successfully pressure him or her to change a vote on proposed legislation. A March 2012 poll conducted by ABC News/Washington Post showed that not only did two-thirds of Americans feel that Super PACS should be illegal, but 69% (two-thirds) of Tea Party supporters felt that Super PACS should be outlawed.

Nearly nine out of ten Americans (88%) say that big companies have too much power in Washington D.C. Super PACS, which became funnels for outside spending after an appeals court applied Citizens United, collectively spent more than $609 million dollars during the 2012 elections. Overall outside spending topped $1.29 billion according to the Center for Responsive Politics “Outside Spending” April 22, 2013 “Outside Spending” by Center for Responsive Politics

Financial Reform is not at all where it should be 5 years after the worst financial collapse since the great depression. The banks have not only not been dismantled, but they have grown, the number of banks that are too big to fail has grown. WE MUST TAKE BACK THE POWER FROM THE CORPORATIONS! or face another, probably much worse, situation at the hands of the greedy and guilty people that caused the last crisis.

PLEASE use the links below to contact your Congressmen/women, and Senators RIGHT NOW, and OFTEN, and tell them that WE MUST PASS A CONSTITUTIONAL AMENDMENT TO OVERTURN CITIZENS UNITED. Left in the hands of those who will NOT be going to jail but simply paying fines, is a bad place to be. I don’t care how much the fine is (it’s no where near what they stole from the people,) it will happen again rest assured. Perhaps the world economy will collapse next time. We can’t let that happen, it’s up to us to take action.

So, today they’ll announce a $13B settlement will be paid, no one will go to jail, and the too big to fail banks will keep getting even bigger. Call or E-mail your Congressmen/women and Senators NOW!

Here is a sample e-mail, if you wish, you can copy and paste it into your representatives e-mail comments;
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Dear (ENTER YOUR Congressman, Congresswomen, or Senators NAME HERE)

I am writing you to tell you that I support a Constitutional Amendment to overturn the Citizens United ruling by the US Supreme Court. I believe, as does nearly nine out of ten Americans (88%) that big companies have too much power in Washington, D.C. With Super PACS spending $609 million during the 2012 election cycle and $1.29 billion from overall outside spending, I ask you to do whatever you need to do, to pass a Constitutional Amendment to overturn the Citizens United decision.

This is not a partisan issue, not a Republican/Democratic issue, nor a Conservative/Liberal issue. A 2010/2011 Peter Hart Poll found that 79% of all Americans including 68% of Republicans, 82% of Independents, and 87% of Democrats, support a Constitutional Amendment. An Opinion Research Corporation poll found that overall 69% of Americans agreed that “new rules that let corporations, unions, and people give unlimited money to Super PACS will lead to corruption. Three out of four Republicans (74%) agreed with this statement. 71% of Republicans also agreed that “if a company spent $100,000 to help elect a member of Congress, it could successfully pressure him or her to change a vote on proposed legislation. A March 2012 poll conducted by ABC News/Washington Post showed that not only did two-thirds of Americans feel that Super PACS should be illegal, but 69% (two-thirds) of Tea Party supporters felt that Super PACS should be outlawed.

I thank you for service and want you to know that I will track any legislation pertaining to this issue, and you, as my Representative, on GovTrack.us, Open Congress, Votesmart.org, or www.Senate.gov

Thanking you in advance for your anticipated cooperation, I am,

(YOUR NAME)
(YOUR ADDRESS)
(CITY, STATE, ZIP)
(E-MAIL, PHONE NUMBER)

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