Wall St "Financiers" demands

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Even as U.S. policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
Financial companies were lobbying to have all manner of troubled investments covered, not just those related to mortgages.

At the same time, investment firms were jockeying to oversee all the assets that the U.S. Treasury Department plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.

"The definition of 'financial institution' should be as broad as possible," the Financial Services Roundtable, which represents big financial services companies, wrote in an e-mail message to its members.

The open-ended nature of the Treasury's plan could be interpreted to mean that the government was open to acquiring "any asset, anywhere in the world."

While an earlier draft said that only companies with U.S. headquarters in could sell assets to the government under the program, a later version said sellers could include any financial institution.

Members of the American Bankers Association held internal meetings to plan their strategy, and the group planned to send teams of lobbyists to Capitol Hill.




http://www.nytimes.com/2008/09/22/business/worldbusiness/22iht-lobby.4.16380265.html?pagewanted=2






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Wall Street execs raised bonuses to $20 billion last year - a "bitter pill" fortaxpayers who bailed out the ailing financial industry, state Controller Thomas DiNapoli said Tuesday.


"Wall Street is vital to New York's economy and the dollars generated by the industry help the state's bottom line," DiNapoli said.


"But for most Americans, these huge bonuses are a bitter pill and hard to comprehend," he added.


http://articles.nydailynews.com/201...s-wall-street-personal-income-tax-collections



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The tax cuts for bankers and billionaires that became law in 2001 quickly turned the Clinton surplus into the Bush budget deficit as big as Donald Trump’s ego.


But Bush 43 did not stop there in handing out goodies to Wall Street. In 2008, the president asked his Treasury Secretary, Henry Paulson, the former CEO of Goldman Sachs, to bail out Goldman Sachs and other Wall Street investment firms to the tune of three quarters of a trillion dollars. Of course, President Bush never even considered an attempt to rescue the millions of working Americans who first lost their jobs and then their homes because of malfeasance on Wall Street.



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Several of the 2012 GOP presidential hopefuls have laid out economic platforms that would include huge cuts in the corporate tax rate.


Former Massachusetts Gov. Mitt Romney (R) called for lowering the corporate tax rate from 35 percent to 25 percent, while former Minnesota Gov. Tim Pawlenty (R) went a step further, calling for a cut to 15 percent.


In an interview published by the Wall Street Journal, Rep. Michele Bachmann (R-MN) decided to one-up both Romney and Pawlenty, calling for a reduction in the corporate tax rate to 9 percent.


Adding insult to injury, Bachmann wants to pair that huge tax cut with giant tax reductions for the rich, as well as a tax increase on the working poor:


“In my perfect world,” she explains, “we’d take the 35% corporate tax rate down to nine so that we’re the most competitive in the industrialized world. Zero out capital gains. Zero out the alternative minimum tax. Zero out the death tax.”


http://thinkprogress.org/economy/2011/06/11/242953/bachmann-tax-increase-poor/
 
The cost of those tax cuts is going to go straight onto our national credit card unless we raise taxes from everyone else to pay for the $690 billion in tax breaks for the rich or we find $690 billion in spending cuts. And that means increased interest payments on the debt.


When we add in the costs of additional debt service, the true price of maintaining the tax cuts for the wealthy jumps by almost $140 billion.** In total, keeping those cuts for the rich will cost almost $830 billion over the next 10 years.



http://www.americanprogress.org/issues/2010/07/let_cuts_expire.html
 
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