Wednesday, July 21, 2010

Guests at FinReg Signing Ceremony

(UPDATE) CNBC reports that:

J.P.Morgan Chase and Goldman Sachs CEOs were not invited;
Bank of America and Morgan Stanley CEOs were invited;
California's CALPERS Chief Investment Officer was invited.

Another article on the matter at CNBC quotes:

“Basically, the White House made the decision to invite only the banks that were most sycophantic in the run-up to the passage of Dodd-Frank,” one senior Wall Street executive said.

You're not kidding...

There are some interesting names in the list that names part of "a wide array of nearly 400 individuals who were instrumental in passing this historic legislation" announced by the White House press secretary.

Two 'small people' from ordinary, suffering Americans supposedly shared the stage this morning (I couldn't bring myself to watch the video) with Obama:

Mr. Andrew Giordano, who "was saddled with hundreds of dollars in overdraft fees on his veteran’s account because his bank had automatically enrolled him in “overdraft” protection that he never asked for."

Ms. Robin Fox, whose "credit card company retroactively increased the rate on her existing credit card balance from 10.90% to 17.90%, even though she paid her account on time."

In the "Expected Attendees" of the WH announcement, we find:

President of UK bank Barclays (Bob Diamond)
Chairman of Barclays America (Archibald Cox Jr., who is the son of the special prosecutor in the Watergate investigation)
CEO of Citigroup (Vikram Pandit)
President of Bank of New York Mellon (Gerald Hassell)
President and CEO of National Council of La Raza (Janet Murguia)
Vice Chairman of Federal Reserve under President Clinton (Alan Blinder)

A Former Vice Chairman of the Fed and CEO of La Raza were "instrumental in" passing this historic (not in the sense that Gibbs the mouthpiece probably means) bill.


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