Here we go again….
In a Bill, Wall Street Shows Its Clout
ANDREW ROSS SORKIN
New York Times Deal Book, 4 July 2011
Wall Street often tries to play down its influence in Washington. As Congress pushed through financial regulations that seemed to get watered down last year, Wall Street’s chief executives tried to suggest, somewhat surprisingly, that their highly paid lobbyists did not have much sway.
If there is still any question about how much power Wall Street actually has in Washington, here is some fresh evidence worth examining.
In a piece of legislation recently passed by the House and the Senate to revamp patent law, a tiny provision was inserted at the last minute called Section 18.
The provision, which my colleague Edward Wyatt detailed in an article ahead of the House’s vote on the bill last month, has only one purpose: to allow the banking industry to skirt paying for certain important patents involving “business methods.”
The provision even allows “retroactive reviews of approved business method patents, allowing the financial services industry to challenge patents that have already been found valid both at the U.S. Patent and Trade Office and in Federal Court,” according to Representative Aaron Schock, an Illinois Republican who tried to strike the provision.
Phi Beta Iota: In the absence of accountability, holistic analytics, and transparency, it is very easy for specific individuals to give up their integrity. The implications of this are breath-taking: Wall Street is showing it can legislate retrospective and ex post facto crime, not just future crime.
See Also:
Complex Societies Collapse When Commodity Prices Go UP and Financial Speculation Returns Go DOWN
Four Time Bombs Centered on Wall Street
GRIFTOPIA Part II: The Next Mega-Meltdown
US Government Bails Out and Pardons Wall Street, Sends Barry Bonds to Jail–What’s the Difference?
Why Isn’t Wall Street in Jail? + US Fraud RECAP
Review: Griftopia–Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
Review: The Philanthropy of George Soros – Building Open Societies
Review: Global Public Policy – Governing Without Government?
Search: cost of corruption + Corruption RECAP
Seven Promises to America–Who Will Do This?
