from Jesse’s Café Américain:
Apparently Senator Levin is not expecting many $250,000 speaking engagements from Wall Street after he leaves the Senate.
The Wall Street Banks have NO business using their subsidized banking funds and deposits to speculate in global markets for their own accounts.
This was the basic safeguard provided by Glass-Steagall for almost sixty years that was overturned in a bipartisan political effort at gettin’ paid.
US Senator Carl Levin Opening Statement, Day Two
“The Federal Reserve is considering arguments that Wall Street banks provide hard-to-replace services in these areas. But the separation between banking and commerce has served markets and our economy quite well for decades. And the erosion of that barrier is clearly doing harm today.
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