Last week McConnell attended a private meeting with 25 Wall Street executives, many of them hedge fund managers.
What McConnell did not mention was that, last week, he traveled alongside National Republican Senatorial Committee chairman Sen. John Cornyn (TX) to New York City for a private meeting with elite hedge fund managers and other Wall Street executives. The purpose of the meeting between the top Republicans and the financial executives was to enlist “Wall Street’s help” in funding Republican campaigns in the fall and killing any tough financial reform:[......]
This week McConnell has thrown down the gauntlet, refusing to deal on Dodd's financial
reform bill. His excuse making harkens back to the much publicized GOP strategy memo written by pollster Frank Luntz. In point of fact, his arguments against reform are close to exactly as Luntz urged the GOP to make.
In order to prevent future taxpayer bailouts of the big banks, to prevent our economy from spinning out of control again, to protect our country from financial insolvency, we must legislate financial reform. Period. The removal of controls on the financial services industry is what got us in to this mess to begin with. If we listen to the Republicans we are asking for more of the same.