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Fri Feb 17, 2012, 01:31 PM


Delaware's Democratic Senators Carper and Coons side with banks against Volcker Rule

Anyone surprised?

Once again, Big Banking Business in Delaware trumps what's better for the average US citizen.

Look, I know Delaware has become the go-to state for Banking and I understand we're to be grateful for the jobs but when does trading undisclosed amounts of 'state aid' and the constant bartering, bowing and begging for some previous banks' CSR replacement jobs become wrong in the face of the entire country being abused by these same corporations?

Doesn't it make you wonder about the actual value per job created vs costs to state-taxpayers once you factor in the political bribes and tax breaks for the banks to do business here?

And have you noticed they always say "may create up to 500 jobs"?

See the links to 3 related articles that follow this one on the recent flurry of political deals to bring more banking business to Delaware.

Also notice how the Capital One/ING merger creates another "too big to fail" institution but it was approved anyway.

Is it me?
Am I totally off-base?
Should I just shut up about these political deals and be grateful like they want me to be?

Carper, Coons side with banks against Volcker Rule
1:24 AM, Feb. 17, 2012

The proposed rule’s limits on banks’ private equity and hedge-fund investments may restrict venture capital, the senators said.

In scores of comment letters filed on Feb. 13, bankers and their trade associations said the rule would increase risk, raise investor costs, hurt U.S. competitiveness and be vulnerable to legal challenge.

"The proposal, if implemented in its current form, will overly restrain our customer-facing market-making businesses and our risk-mitigating hedging activities to the detriment of our customers," Colm Kelleher, co-president of Morgan Stanley’s institutional securities group, and Jim Rosenthal, the company’s chief operating officer, wrote in a Feb. 13 letter.

The lawmakers responsible for the provision’s inclusion in Dodd-Frank — Democratic senators Carl Levin of Michigan and Jeff Merkley of Oregon — urged regulators in a Feb. 13 letter to be more forceful in implementing the rule. "The Volcker rule demands Wall Street change its culture," Merkley and Levin wrote in their own comment letter.


Related articles:

New Citibank offices open in Wilmington
Citibank dedicated their new office space in the Brandywine Building Friday.
The space was created with the help of state aid.
(See our boys grinnin' and grovelin' on video!)

ING merger approved
Acquisition by Capital One will bring jobs to Delaware
The merger will create the fifth-largest U.S. bank, with deposits of about $82 billion -- an institution large enough to motivate opponents to contend that the merger would create yet another "too-big-to-fail" institution.

Bank of America to hire 500, donate building for charter schools
Dunno what was traded for this deal but I'm fairly sure there was more 'state aid' involved.
Bank of America praised the state for being an accommodating host.
"Governor Markell has always encouraged us to grow in Delaware,” Bank of America Co-Chief Operating Officer David Darnell said in a statement. “Along with the General Assembly, the congressional delegation and Mayor Baker, they have all created an exceptional environment for us to do business.

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