June 14, 2011

The Dodd-Frank Corruption Machine

Timothy Carney, Washington Examiner


AP Photo

If your goal were to foster more political cronyism, reward lobbyists, entrench incumbents, enrich the politically connected, and get the revolving door spinning faster, you would have a hard time crafting a more useful piece of legislation than the Dodd-Frank financial regulation bill.

Not only did the bill's authors instantly start monetizing their legislative experience by cashing out to work for the big banks (see Amy Friend, former chief counsel for Sen. Dodd's Banking Committee); not only to Goldman Sachs declare itself "among the biggest beneficiaries" of the bill; not only did the bill give Democrats like Chuck Schumer and Barney Frank an excuse to start tapping into Wall Street wealth in exchange for favorable implementation -- it also set up a tawdry battle...

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Related Topics: economy

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