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Who's to blame for 'too big to fail'?
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The Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley Act) was passed by Congress and signed into law under President Clinton; an alleged conduit for modernizing the financial sector, this law repealed portions of the Great Depression-era Glass-Steagall Act of 1933. Over the past decade, it has allowed financial firms to consolidate commercial banking, investment banking, and insurance into all-in-one, mega-institutions that have dangerously overleveraged themselves – to the point of wholesale insolvency. They have been ignorantly declared too big to fail, while their continued existence poses a malignant, cancerous threat to the future of the American Republic. As FDIC Chairwoman Sheila Bair has recently asserted, “we need to end ‘too big to fail’ and this needs to be an overarching policy that applies to everyone.”
Neil Barofsky, special inspector general for the Troubled Asset Relief Program, recently sat down with The Huffington Post’s Christine Spolar, and in the following video, when asked if our financial system is safe, he says:
I can’t tell you if we’re safe or not. I don’t know the answer to that question…banks that were ‘too big to fail’ are bigger than ever, they’ve become consolidated…with government encouragement, some of the largest banks became larger and are more interconnected than ever. You know, you hear about moral hazard ‘heads, I win, tales the taxpayers pay for it’, we certainly have not moved away from that, in fact, I think that we have made it very clear that when TARP was announced, the whole purpose was a statement that we’re not going to let our large financial institutions fail…and with that, I think we may be in a far more dangerous place than we were a year ago.
The following 155 current members of Congress can be thanked directly for their support of FSMA; indeed, each of them voted in favor of this act ten years ago. When compared to the amount of de facto kickbacks they have received through 2008 – from the financial industry – we can draw the conclusion that, from the big banks’ point of view, this was money well spent. Readers are urged to contact every Congressperson and Senator listed here (as many times as you feel is necessary) to demand the repeal of FSMA. Kindly remind them that this will influence the outcome of all upcoming elections, particularly in 2010.
You should also demand an immediate Congressional inquiry into the reports of Mr. Christopher Story FRSA.
| Representative/Senator | Contributions | Contact Information |
| John Kerry (D-Mass) | $19,094,828 | Phone: (202) 224-2742 • Fax: (202) 224-8525 |
| Christopher J. Dodd (D-Conn) | $13,204,556 | Phone: (202) 224-2823 • Fax: (202) 224-1083 |
| Charles E. Schumer (D-NY) | $12,795,946 | Phone: (202) 224-6542 • Fax: (202) 228-3027 |
| Joe Lieberman (I-Conn) | $9,972,924 | Phone: (202) 224-4041 • Fax: (202) 224-9750 |
| Arlen Specter (D-Pa) | $5,652,910 | Phone: (202) 224-4254 • Fax: (202) 228-1229 |
| Kay Bailey Hutchison (R-Texas) | $4,669,788 | Phone: (202) 224-5922 • Fax: (202) 224-0776 |
| Max Baucus (D-Mont) | $4,491,183 | Phone: (202) 224-2651 • Fax: (202) 224-9412 |
| Mitch McConnell (R-Ky) | $4,437,474 | Phone: (202) 224-2541 • Fax: (202) 224-2499 |
| Charles B. Rangel (D-NY) | $4,117,402 | Phone: (202) 225-4365 • Fax: (202) 225-0816 |
| Evan Bayh (D-Ind) | $3,974,396 | Phone: (202) 224-5623 • Fax: (202) 228-1377 |
| Robert Menendez (D-NJ) | $3,898,822 | Phone: (202) 224-4744 • Fax: (202) 228-2197 |
| Jon L. Kyl (R-Ariz) | $3,700,309 | Phone: (202) 224-4521 • Fax: (202) 224-2207 |
| Spencer Bachus (R-Ala) | $3,699,199 | Phone: (202) 225-4921 • Fax: (202) 225-2082 |
| Dianne Feinstein (D-Calif) | $3,570,557 | Phone: (202) 224-3841 • Fax: (202) 228-3954 |
| Johnny Isakson (R-Ga) | $3,305,891 | Phone: (202) 224-3643 • Fax: (202) 228-0724 |
| Christopher S. 'Kit' Bond (R-Mo) | $3,286,388 | Phone: (202) 224-5721 • Fax: (202) 224-8149 |
| Frank R. Lautenberg (D-NJ) | $3,266,517 | Phone: (202) 224-3224 • Fax: (202) 228-4054 |
| John Thune (R-SD) | $3,204,991 | Phone: (202) 224-2321 • Fax: (202) 228-5429 |
| John Boehner (R-Ohio) | $2,933,009 | Phone: (202) 225-6205 • Fax: (202) 225-0704 |
| Dick Durbin (D-Ill) | $2,889,477 | Phone: (202) 224-2152 • Fax: (202) 228-0400 |
| Tim Johnson (D-SD) | $2,864,662 | Phone: (202) 224-5842 • Fax: (202) 228-5765 |
| Jack Reed (D-RI) | $2,768,332 | Phone: (202) 224-4642 • Fax: (202) 224-4680 |
| George V. Voinovich (R-Ohio) | $2,764,465 | Phone: (202) 224-3353 • Fax: (202) 228-1382 |
| Earl Pomeroy (D-ND) | $2,694,219 | Phone: (202) 225-2611 • Fax: (202) 226-0893 |
| Nita M. Lowey (D-NY) | $2,647,060 | Phone: (202) 225-6506 • Fax: (202) 225-0546 |
| Ben Cardin (D-Md) | $2,638,081 | Phone: (202) 224-4524 • Fax: (202) 224-1651 |
| Pete Sessions (R-Texas) | $2,637,589 | Phone: (202) 225-2231 • Fax: (202) 225-5878 |
| Harry Reid (D-Nev) | $2,628,540 | Phone: (202) 224-3542 • Fax: (202) 224-7327 |
| Roy Blunt (R-Mo) | $2,547,655 | Phone: (202) 225-6536 • Fax: (202) 225-5604 |
| Saxby Chambliss (R-Ga) | $2,519,928 | Phone: (202) 224-3521 • Fax: (202) 224-0103 |
| Richard G. Lugar (R-Ind) | $2,472,229 | Phone: (202) 224-4814 • Fax: (202) 228-0360 |
| Steny H. Hoyer (D-Md) | $2,455,683 | Phone: (202) 225-4131 • Fax: (202) 225-4300 |
| Carolyn B. Maloney (D-NY) | $2,430,948 | Phone: (202) 225-7944 • Fax: (202) 225-4709 |
| Jim Bunning (R-Ky) | $2,423,585 | Phone: (202) 224-4343 • Fax: (202) 228-1373 |
| Richard Burr (R-NC) | $2,419,222 | Phone: (202) 224-3154 • Fax: (202) 228-2981 |
| Ed Royce (R-Calif) | $2,388,153 | Phone: (202) 225-4111 • Fax: (202) 226-0335 |
| Kent Conrad (D-ND) | $2,370,437 | Phone: (202) 224-2043 • Fax: (202) 224-7776 |
| Michael N. Castle (R-Del) | $2,362,612 | Phone: (202) 225-4165 • Fax: (202) 225-2291 |
| Orrin G. Hatch (R-Utah) | $2,338,143 | Phone: (202) 224-5251 • Fax: (202) 224-6331 |
| Mary L. Landrieu (D-La) | $2,264,228 | Phone: (202) 224-5824 • Fax: (202) 224-9735 |
| Chuck Grassley (R-Iowa) | $2,167,880 | Phone: (202) 224-3744 • Fax: (202) 224-6020 |
| Jay Rockefeller (D-WVa) | $2,142,484 | Phone: (202) 224-6472 • Fax: (202) 224-7665 |
| Joseph Crowley (D-NY) | $2,112,199 | Phone: (202) 225-3965 • Fax: (202) 225-1909 |
| Ron Wyden (D-Ore) | $2,101,580 | Phone: (202) 224-5244 • Fax: (202) 228-2717 |
| Jeff Sessions (R-Ala) | $2,074,185 | Phone: (202) 224-4124 • Fax: (202) 224-3149 |
| Susan Collins (R-Maine) | $2,049,060 | Phone: (202) 224-2523 • Fax: (202) 224-2693 |
| James W. DeMint (R-SC) | $2,009,268 | Phone: (202) 224-6121 • Fax: (202) 228-5143 |
| David Dreier (R-Calif) | $2,004,988 | Phone: (202) 225-2305 • Fax: (202) 225-7018 |
| Dennis Moore (D-Kan) | $1,974,025 | Phone: (202) 225-2865 • Fax: (202) 225-2807 |
| Robert F. Bennett (R-Utah) | $1,891,292 | Phone: (202) 224-5444 • Fax: (202) 228-1168 |
| Nancy Pelosi (D-Calif) | $1,889,622 | Phone: (202) 225-4965 • Fax: (202) 225-8259 |
| Lindsey Graham (R-SC) | $1,814,679 | Phone: (202) 224-5972 • Fax: (202) 224-3808 |
| David Vitter (R-La) | $1,678,116 | Phone: (202) 224-4623 • Fax: (202) 228-5061 |
| Deborah Ann Stabenow (D-Mich) | $1,673,600 | Phone: (202) 224-4822 • Fax: (202) 228-0325 |
| Olympia J. Snowe (R-Maine) | $1,670,167 | Phone: (202) 224-5344 • Fax: (202) 224-1946 |
| Richard E. Neal (D-Mass) | $1,632,153 | Phone: (202) 225-5601 • Fax: (202) 225-8112 |
| Patrick J. Kennedy (D-RI) | $1,631,430 | Phone: (202) 225-4911 • Fax: (202) 225-3290 |
| Blanche Lincoln (D-Ark) | $1,585,692 | Phone: (202) 224-4843 • Fax: (202) 228-1371 |
| Gary Ackerman (D-NY) | $1,500,090 | Phone: (202) 225-2601 • Fax: (202) 225-1589 |
| Sam Johnson (R-Texas) | $1,493,355 | Phone: (202) 225-4201 • Fax: (202) 225-1485 |
| Brad Sherman (D-Calif) | $1,464,036 | Phone: (202) 225-5911 • Fax: (202) 225-5879 |
| Sherrod Brown (D-Ohio) | $1,439,081 | Phone: (202) 224-2315 • Fax: (202) 228-6321 |
| Jim Moran (D-Va) | $1,422,081 | Phone: (202) 225-4376 • Fax: (202) 225-0017 |
| Paul Ryan (R-Wis) | $1,416,466 | Phone: (202) 225-3031 • Fax: (202) 225-3393 |
| Pat Roberts (R-Kan) | $1,382,236 | Phone: (202) 224-4774 • Fax: (202) 224-3514 |
| Patty Murray (D-Wash) | $1,361,297 | Phone: (202) 224-2621 • Fax: (202) 224-0238 |
| Sam Brownback (R-Kan) | $1,355,896 | Phone: (202) 224-6521 • Fax: (202) 228-1265 |
| James M. Inhofe (R-Okla) | $1,349,052 | Phone: (202) 224-4721 • Fax: (202) 228-0380 |
| Judy Biggert (R-Ill) | $1,340,219 | Phone: (202) 225-3515 • Fax: (202) 225-9420 |
| Robert E. Andrews (D-NJ) | $1,339,393 | Phone: (202) 225-6501 • Fax: (202) 225-6583 |
| Bart Gordon (D-Tenn) | $1,333,351 | Phone: (202) 225-4231 • Fax: (202) 225-6887 |
| Don Manzullo (R-Ill) | $1,328,544 | Phone: (202) 225-5676 • Fax: (202) 225-5284 |
| John Linder (R-Ga) | $1,325,176 | Phone: (202) 225-4272 • Fax: (202) 225-4696 |
| Mike Crapo (R-Idaho) | $1,310,542 | Phone: (202) 224-6142 • Fax: (202) 228-1375 |
| John Tanner (D-Tenn) | $1,308,108 | Phone: (202) 225-4714 • Fax: (202) 225-1765 |
| Pete King (R-NY) | $1,286,140 | Phone: (202) 225-7896 • Fax: (202) 226-2279 |
| Mark Udall (D-Colo) | $1,262,685 | Phone: (202) 224-5941 • Fax: (202) 224-6471 |
| Rick Boucher (D-Va) | $1,244,933 | Phone: (202) 225-3861 • Fax: (202) 225-0442 |
| Steven C. LaTourette (R-Ohio) | $1,242,137 | Phone: (202) 225-5731 • Fax: (202) 225-3307 |
| Jerrold Nadler (D-NY) | $1,210,631 | Phone: (202) 225-5635 • Fax: (202) 225-6923 |
| Nydia M. Velazquez (D-NY) | $1,190,025 | Phone: (202) 225-2361 • Fax: (202) 226-0327 |
| Dave Camp (R-Mich) | $1,183,220 | Phone: (202) 225-3561 • Fax: (202) 225-9679 |
| Brian P. Bilbray (R-Calif) | $1,179,626 | Phone: (202) 225-0508 • Fax: (202) 225-2558 |
| Frank Pallone Jr (D-NJ) | $1,177,143 | Phone: (202) 225-4671 • Fax: (202) 225-9665 |
| Ellen O. Tauscher (D-Calif) | $1,168,460 | Phone: (202) 225-1880 • Fax: (202) 225-5914 |
| Sander Levin (D-Mich) | $1,161,575 | Phone: (202) 225-4961 • Fax: (202) 226-1033 |
| John M. Spratt Jr. (D-SC) | $1,157,250 | Phone: (202) 225-5501 • Fax: (202) 225-0464 |
| Daniel K. Inouye (D-Hawaii) | $1,149,572 | Phone: (202) 224-3934 • Fax: (202) 224-6747 |
| Shelley Berkley (D-Nev) | $1,112,583 | Phone: (202) 225-5965 • Fax: (202) 225-3119 |
| Lee Terry (R-Neb) | $1,100,894 | Phone: (202) 225-4155 • Fax: (202) 226-5452 |
| Sue Myrick (R-NC) | $1,087,538 | Phone: (202) 225-1976 • Fax: (202) 225-3389 |
| Judd Gregg (R-NH) | $1,067,949 | Phone: (202) 224-3324 • Fax: (202) 224-4952 |
| John Shadegg (R-Ariz) | $1,065,296 | Phone: (202) 225-3361 • Fax: (202) 225-3462 |
| Jeff Bingaman (D-NM) | $1,049,567 | Phone: (202) 224-5521 • Fax: (202) 224-2852 |
| Lamar Smith (R-Texas) | $1,047,198 | Phone: (202) 225-4236 • Fax: (202) 225-8628 |
| Gregory W. Meeks (D-NY) | $1,043,932 | Phone: (202) 225-3461 • Fax: (202) 226-4169 |
| Edolphus Towns (D-NY) | $1,018,698 | Phone: (202) 225-5936 • Fax: (202) 225-1018 |
| GRAND TOTAL | $294,870,261 | 101 House Representatives/54 Senators |
(DUE TO SIZE CONSTRAINTS, FOR THE FULL LIST, PLEASE VISIT MY BLOG: Who's to blame for 'too big to fail'?)
(Photo Credit: UK2)
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