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This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. I am
making such material available in my efforts to advance understanding of environmental, political, human rights, economic,
democracy, scientific, and social justice issues, etc. I believe this constitutes a 'fair use' of any such copyrighted material as provided
for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed
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Campaign for Justice
Please tell a friend to go to
WhereToVote.com
WhereToVote.com
| THE MERCHANT BANKING EIGHT |
Several weeks after testifying to two subcommittees of the Senate Banking Committee, Fed Governor Laurence Meyer
received a letter from eight senators admonishing the Fed for its stance on merchant banking and demanding a more lenient
approach.
Other members of Congress also weighed in on the Fed’s proposed rule with comment letters and verbal volleys that
focused on small-business finance or the investment powers of state-chartered banks (Massachusetts Senator John Kerry
had the dubious distinction of sending separate complaints on both subjects). But only the Merchant Banking Eight have so
wholeheartedly aligned themselves with the grievances of Chase, Wells Fargo and the largest financial conglomerates.
Members of the MB8 range from Wall Street’s man in Washington (New York Democrat Charles Schumer) to several
senators who haven’t betrayed much previous interest in the fine points of financial regulation. Only one of the group is
standing for re-election this year – Senator Rod Grams (R-MN), who accounts for fully two-thirds of all Chase and Wells Fargo
contributions to the Eight during the 2000 electoral cycle (though based in San Francisco, Wells became the largest financial
firm in Grams’ state when it acquired Norwest Corporation in 1999.)
Traditionally, the nation’s editorial pages have risen to the Fed’s defense at the slightest hint of politicians meddling in the
central bank’s arcane affairs. But ten short years after media elites flagellated themselves for blowing the story of S&L
deregulation, editorial writers – like their colleagues in the business section – have remained uniformly silent on this episode
of “Fedbashing.”
Jack Reed is among the eight.
received a letter from eight senators admonishing the Fed for its stance on merchant banking and demanding a more lenient
approach.
Other members of Congress also weighed in on the Fed’s proposed rule with comment letters and verbal volleys that
focused on small-business finance or the investment powers of state-chartered banks (Massachusetts Senator John Kerry
had the dubious distinction of sending separate complaints on both subjects). But only the Merchant Banking Eight have so
wholeheartedly aligned themselves with the grievances of Chase, Wells Fargo and the largest financial conglomerates.
Members of the MB8 range from Wall Street’s man in Washington (New York Democrat Charles Schumer) to several
senators who haven’t betrayed much previous interest in the fine points of financial regulation. Only one of the group is
standing for re-election this year – Senator Rod Grams (R-MN), who accounts for fully two-thirds of all Chase and Wells Fargo
contributions to the Eight during the 2000 electoral cycle (though based in San Francisco, Wells became the largest financial
firm in Grams’ state when it acquired Norwest Corporation in 1999.)
Traditionally, the nation’s editorial pages have risen to the Fed’s defense at the slightest hint of politicians meddling in the
central bank’s arcane affairs. But ten short years after media elites flagellated themselves for blowing the story of S&L
deregulation, editorial writers – like their colleagues in the business section – have remained uniformly silent on this episode
of “Fedbashing.”
Jack Reed is among the eight.
Jack Reed (D-RI)
1995-2000 Financial Industry
Contributions : $702,305
Contributions from Chase and
Wells Fargo
1995-2000: $11,750
1999-2000: $ 3,000
1995-2000 Financial Industry
Contributions : $702,305
Contributions from Chase and
Wells Fargo
1995-2000: $11,750
1999-2000: $ 3,000
FOMC ALERT Supporting pfd file to the above information.
Read the letter Jack Reed signed. Click here for pdf file.
Read the letter Jack Reed signed. Click here for pdf file.
Campaign contributions
The following is drawn from government records of campaign contributions to Jack Reed. Campaign contributions are
one of the most direct conduits for influencing members of Congress. How to use this information.
Source: Federal Election CommissionTop Contributors to Jack Reed (D) During the 2006 Election Cycle
Rank Donor Amount (US Dollars)
1 Fannie Mae $ 25,250
2 Picerne Real Estate Group $ 22,875
3 JP Morgan Chase & Co $ 21,500
4 Citizens Financial Group $ 20,550
5 Bank of America $ 19,328
Notice Picerne Real Estate receives most of the military
Housing contracts from Jack Reed who is a member on the
Subcommittee on Military Construction, Veterans Affairs, and
Related Agencies. Click here, this is a link
During the 2006 Election Cycle
Rank Donor Amount (US Dollars)
1 Picerne Investment $35,200
2 JPMorgan Chase & Co $26,350
3 Citizens Financial Group $25,350
4 Bank of America $24,399
5 Morgan Stanley $24,250
6 Goldman Sachs $24,200
Source: The Center for Responsive Politics' www.OpenSecrets.org site.
Note: Contributions are not from the organizations themselves, but are rather from
the organization's PAC, employees or owners. Totals include subsidiaries and affiliates.
Campaign to Elect Christopher Young
401-477-6178
Admin@WhereToVote.com
http://www.WhereToVote.com
SENT: Thursday, January 31, 8:57 PM
PRESS RELEASE
FOR IMMEDIATE RELEASE:
Christopher Francis Young (D) Announced Debate Request.
PROVIDENCE, RI - On Thursday January 31, 2008, democrat Christopher Francis Young announced he wants a debate
with Jack Reed, sponsored by Lou Dobbs on CNN.
Lou Dobbs spoke at Roger Williams University tonight and when Chris Young asked for the opportunity to debate Jack
Reed on his show, Lou Dobbs said yes.
Young stated after the event, “The National debt has doubled from 4.5 trillion dollars in 2000 to $9,015,553,870,006
Trillion. This has doubled interest payments on the debt to over 2 billions dollars per day to the private banks of the
Federal Reserve, taking up most of the personal income tax and causing the American people to work four months out of
the year just to pay the interest on this debt. The Federal Reserve is not a federal agency, it is a corporation made up of
international bankers. This is the enslavement of the American people, slavery to international bankers in the form of
debt.”
Candidate Young received 11% of the vote for the United States Senate in 2006.
Chris spoke on the National debt including the issue of the Iraq and Afghanistan wars driving the debt up by 1 trillion
dollars. Jack Reed has voted for funding the war.
Young’s speech also stated, “International bankers use communism, terrorism, race, wealth, and class to make war so
that they can profit by increasing a countries debt to fund these wars. The U.S dollar has recently hit a low against the
Euro. We fought to remove ourselves from the central bank system when we declared independence from England during
the revolutionary war.
Over 20 years of non stop lobbying from the financial industry hit the jackpot with the repeal of the Glass-Steagall Act in
1999; it was passed by Congress following the 1929 stock market crash. Glass-Steagall was written to limit the conflicts
of interest when commercial banks are permitted to underwrite stocks or bonds.
The international bankers whittled away at Glass-Steagall for years before finally breaking down its regulatory restrictions
in August 1987, when Alan Greenspan, formerly a director of J.P. Morgan and a proponent of banking deregulation,
became chairman of the Federal Reserve Board.
In 1990, J.P. Morgan became the first bank to receive permission from the Federal Reserve to underwrite securities. They
could do this so long as its underwriting business does not exceed the 10 percent limit. In December 1996, with the
support of Chairman Alan Greenspan, the Federal Reserve Board issued a precedent-shattering decision permitting
bank holding companies to own investment bank affiliates with up to 25 percent of their business in securities
underwriting ending the 10% cap.
In 1999, after 25 years and $300 million of lobbying efforts, Congress, aided by President Bill Clinton, finally repealed
Glass-Steagall. This is three years after John 'Jack' Reed was first elected in 1996 and no corrective action was
implemented by ‘Jack’ Reed. This paved the way for the problems we are now facing including the banking crisis which
is no longer one of
liquidity, but of deteriorating credit worthiness system-wide. This also includes the flight of investors from money market
funds, many of which are backed by Mortgage-backed Securities (MBS). In addition to the collapse in the housing market
and the deterioration in mortgage-backed bonds (CDOs). Banks worldwide now reportedly face risk exposure of US$891
billion in asset-backed commercial paper facilities (ABCP) due to callable bank credit agreements with borrowers
designed to ensure ABCP investors are paid back when the short-term debt matures,
even if banks cannot sell new ABCP on behalf of the issuing companies to roll over the matured debt because the market
views the assets behind the paper as of uncertain market value. This means that the trillions of dollars which have been
leveraged against these shaky assets, in the form of credit default swaps (CDSs) and numerous other bizarre-sounding
derivatives, will begin to cascade down wiping out trillions in market value.
It was Jack Reed who was our Congressional representative while all this was happening. Jack Reed refuses to write
legislation to protect Rhode Islanders in this debt crisis, and especially refuses to write debt relief legislation to protect
college students by reinstituting a 10 year statute of limitations on student loan debt that ended in 1991 (elimination of the
student loan collection statute of limitations in 20 U.S.C. Section 1091a(a)(1)). Also, he refuses to reinstitute bankruptcy
protections for students and home owners that were ended by both Bill Clinton in 1996 and George Bush in 2003. Reed
does not represent the will of the people.
Greenspan and Reed presided over the greatest expansion of speculative finance in history, including a trillion-dollar
hedge-fund industry, bloated Wall Street-firm balance sheets approaching $2 trillion, a $3.3 trillion repo (repurchase
agreement) market, and a global derivatives market with notional values surpassing an unfathomable $220 trillion.
In the past 18-years, assets of US government-sponsored enterprises (GSEs) ballooned 830 percent, from $346 billion to
$2.872 trillion. GSEs are financing entities created by the US Congress to fund subsidized loans to certain groups of
borrowers such as middle- and low-income homeowners, farmers etc. Agency mortgage-backed securities (MBSs)
surged 670 percent to $3.55 trillion. Outstanding asset-backed securities (ABSs) exploded from $75 billion to more than
$2.7 trillion.”
At the press conference Young also reiterated his positions on the following issues, stating:
“I oppose our government’s new power to search our homes without a warrant.
I oppose the North American Union, and globalization.
I oppose Jack Reed’s membership in the Council on Foreign Relations which is a globalist organization that supports
ending nation state sovereignty. I oppose the C.F.R’s plan to end America ’s national sovereignty as well as ending the
United States constitution and Bill of Rights.
I oppose a draft.
I oppose going to war with Iran.
I support immediate withdrawl from Iraq
I oppose the death's of over 1.2 million Iraq 's in this war.
I support funding for education and debt relief and the reinstituting a federal statute of limitations on debt.
I support federal rate control over the price of gasoline.
I support Election Reform.
I support ending the Federal Reserve.
I support Bush’s impeachment.
These issues require a change in outlook, a change in tactics, and a change in missions--by the government, by the
people, by every businessman or labor leader, and by every newspaper and television news station.
The following is drawn from government records of campaign contributions to Jack Reed. Campaign contributions are
one of the most direct conduits for influencing members of Congress. How to use this information.
Source: Federal Election CommissionTop Contributors to Jack Reed (D) During the 2006 Election Cycle
Rank Donor Amount (US Dollars)
1 Fannie Mae $ 25,250
2 Picerne Real Estate Group $ 22,875
3 JP Morgan Chase & Co $ 21,500
4 Citizens Financial Group $ 20,550
5 Bank of America $ 19,328
Notice Picerne Real Estate receives most of the military
Housing contracts from Jack Reed who is a member on the
Subcommittee on Military Construction, Veterans Affairs, and
Related Agencies. Click here, this is a link
During the 2006 Election Cycle
Rank Donor Amount (US Dollars)
1 Picerne Investment $35,200
2 JPMorgan Chase & Co $26,350
3 Citizens Financial Group $25,350
4 Bank of America $24,399
5 Morgan Stanley $24,250
6 Goldman Sachs $24,200
Source: The Center for Responsive Politics' www.OpenSecrets.org site.
Note: Contributions are not from the organizations themselves, but are rather from
the organization's PAC, employees or owners. Totals include subsidiaries and affiliates.
Campaign to Elect Christopher Young
401-477-6178
Admin@WhereToVote.com
http://www.WhereToVote.com
SENT: Thursday, January 31, 8:57 PM
PRESS RELEASE
FOR IMMEDIATE RELEASE:
Christopher Francis Young (D) Announced Debate Request.
PROVIDENCE, RI - On Thursday January 31, 2008, democrat Christopher Francis Young announced he wants a debate
with Jack Reed, sponsored by Lou Dobbs on CNN.
Lou Dobbs spoke at Roger Williams University tonight and when Chris Young asked for the opportunity to debate Jack
Reed on his show, Lou Dobbs said yes.
Young stated after the event, “The National debt has doubled from 4.5 trillion dollars in 2000 to $9,015,553,870,006
Trillion. This has doubled interest payments on the debt to over 2 billions dollars per day to the private banks of the
Federal Reserve, taking up most of the personal income tax and causing the American people to work four months out of
the year just to pay the interest on this debt. The Federal Reserve is not a federal agency, it is a corporation made up of
international bankers. This is the enslavement of the American people, slavery to international bankers in the form of
debt.”
Candidate Young received 11% of the vote for the United States Senate in 2006.
Chris spoke on the National debt including the issue of the Iraq and Afghanistan wars driving the debt up by 1 trillion
dollars. Jack Reed has voted for funding the war.
Young’s speech also stated, “International bankers use communism, terrorism, race, wealth, and class to make war so
that they can profit by increasing a countries debt to fund these wars. The U.S dollar has recently hit a low against the
Euro. We fought to remove ourselves from the central bank system when we declared independence from England during
the revolutionary war.
Over 20 years of non stop lobbying from the financial industry hit the jackpot with the repeal of the Glass-Steagall Act in
1999; it was passed by Congress following the 1929 stock market crash. Glass-Steagall was written to limit the conflicts
of interest when commercial banks are permitted to underwrite stocks or bonds.
The international bankers whittled away at Glass-Steagall for years before finally breaking down its regulatory restrictions
in August 1987, when Alan Greenspan, formerly a director of J.P. Morgan and a proponent of banking deregulation,
became chairman of the Federal Reserve Board.
In 1990, J.P. Morgan became the first bank to receive permission from the Federal Reserve to underwrite securities. They
could do this so long as its underwriting business does not exceed the 10 percent limit. In December 1996, with the
support of Chairman Alan Greenspan, the Federal Reserve Board issued a precedent-shattering decision permitting
bank holding companies to own investment bank affiliates with up to 25 percent of their business in securities
underwriting ending the 10% cap.
In 1999, after 25 years and $300 million of lobbying efforts, Congress, aided by President Bill Clinton, finally repealed
Glass-Steagall. This is three years after John 'Jack' Reed was first elected in 1996 and no corrective action was
implemented by ‘Jack’ Reed. This paved the way for the problems we are now facing including the banking crisis which
is no longer one of
liquidity, but of deteriorating credit worthiness system-wide. This also includes the flight of investors from money market
funds, many of which are backed by Mortgage-backed Securities (MBS). In addition to the collapse in the housing market
and the deterioration in mortgage-backed bonds (CDOs). Banks worldwide now reportedly face risk exposure of US$891
billion in asset-backed commercial paper facilities (ABCP) due to callable bank credit agreements with borrowers
designed to ensure ABCP investors are paid back when the short-term debt matures,
even if banks cannot sell new ABCP on behalf of the issuing companies to roll over the matured debt because the market
views the assets behind the paper as of uncertain market value. This means that the trillions of dollars which have been
leveraged against these shaky assets, in the form of credit default swaps (CDSs) and numerous other bizarre-sounding
derivatives, will begin to cascade down wiping out trillions in market value.
It was Jack Reed who was our Congressional representative while all this was happening. Jack Reed refuses to write
legislation to protect Rhode Islanders in this debt crisis, and especially refuses to write debt relief legislation to protect
college students by reinstituting a 10 year statute of limitations on student loan debt that ended in 1991 (elimination of the
student loan collection statute of limitations in 20 U.S.C. Section 1091a(a)(1)). Also, he refuses to reinstitute bankruptcy
protections for students and home owners that were ended by both Bill Clinton in 1996 and George Bush in 2003. Reed
does not represent the will of the people.
Greenspan and Reed presided over the greatest expansion of speculative finance in history, including a trillion-dollar
hedge-fund industry, bloated Wall Street-firm balance sheets approaching $2 trillion, a $3.3 trillion repo (repurchase
agreement) market, and a global derivatives market with notional values surpassing an unfathomable $220 trillion.
In the past 18-years, assets of US government-sponsored enterprises (GSEs) ballooned 830 percent, from $346 billion to
$2.872 trillion. GSEs are financing entities created by the US Congress to fund subsidized loans to certain groups of
borrowers such as middle- and low-income homeowners, farmers etc. Agency mortgage-backed securities (MBSs)
surged 670 percent to $3.55 trillion. Outstanding asset-backed securities (ABSs) exploded from $75 billion to more than
$2.7 trillion.”
At the press conference Young also reiterated his positions on the following issues, stating:
“I oppose our government’s new power to search our homes without a warrant.
I oppose the North American Union, and globalization.
I oppose Jack Reed’s membership in the Council on Foreign Relations which is a globalist organization that supports
ending nation state sovereignty. I oppose the C.F.R’s plan to end America ’s national sovereignty as well as ending the
United States constitution and Bill of Rights.
I oppose a draft.
I oppose going to war with Iran.
I support immediate withdrawl from Iraq
I oppose the death's of over 1.2 million Iraq 's in this war.
I support funding for education and debt relief and the reinstituting a federal statute of limitations on debt.
I support federal rate control over the price of gasoline.
I support Election Reform.
I support ending the Federal Reserve.
I support Bush’s impeachment.
These issues require a change in outlook, a change in tactics, and a change in missions--by the government, by the
people, by every businessman or labor leader, and by every newspaper and television news station.
| Christopher Young (Democrat) Candidate for The United States Senate |