-Caveat Lector- <<Another take might be to allow the corporations to consolidate, shake out the unproductive parts, then go back and separate them again. Just a thought ... and everyone gets to become part of a 'witness protection act' scheme whereby all the personal information will become useless once new identities are assigned (everybody will become nobody, assets will be in gold and cigarettes, anonymity will prevail). A<>E<>R >> ------- Forwarded Message Follows ------- Date sent: Tue, 26 Oct 1999 14:13:00 -0700 To: [EMAIL PROTECTED] From: "[EMAIL PROTECTED]" <[EMAIL PROTECTED]> Subject: "Banking Reform"? Institute for Public Accuracy 915 National Press Building, Washington, D.C. 20045 (202) 347-0020 * http://www.accuracy.org * [EMAIL PROTECTED] ___________________________________________________ PM Tuesday, October 26, 1999 "BANKING REFORM"? The Clinton administration, the Republican congressional leadership and the financial services industry all seem to agree on the Gramm-Leach Act. If it becomes law, the legislation would abolish restrictions on banks, securities firms and insurance companies instituted in the aftermath of the Great Depression. Critics charge that -- like the Telecommunications Act of 1996 -- it will not provide the promised benefits to consumers, but will result in massive mergers and inadequate regulation. Among those available for interviews are: RALPH NADER, [EMAIL PROTECTED], http://www.nader.org Consumer advocate Ralph Nader called the proposed legislation "anti-competitive, anti-consumer and anti-community. It creates new risks for the nation's financial system and enormous contingent liabilities for the taxpayers. The bill will mean fewer choices, higher prices and greater risks. Personal privacy will be virtually eliminated under provisions which allow financial affiliates to hijack the intimate details of individuals' lives and freely share this information in wide-ranging cross marketing schemes." Among the danger points highlighted by Nader was "a failure to establish a federal regulatory system that can withstand the stress of trillion-dollar conglomerates -- a return to the congressional risk-taking that contributed to the $500 billion bailout of the savings and loan industry in the 1980s." Nader also criticized "overly broad and unnecessary preemptions of state laws which are designed to protect rights of consumers in the financial marketplace." HOLLY BAILEY, [EMAIL PROTECTED], http://www.opensecrets.org A researcher specializing in Congress with the Center for Responsive Politics, Bailey said: "Banks, insurance, and securities firms for years have lobbied Congress to update laws which prohibit the industries from becoming financial 'supermarkets,' though lawmakers previously have given little heed to such proposals. Lawmakers enjoyed the amount of campaign cash, at least $150 million since 1996, spurred by the perennial issue. This year, lawmakers faced more pressure than ever from the industry to pass 'reforms.' Banks, insurance and securities -- three of the wealthiest and most powerful lobbies on Capitol Hill -- have made more than $30 million in soft money, PAC and individual contributions during 1999. Among the leading proponents was Citigroup. Without the new legislation, the company -- which has contributed nearly $863,000 in donations to federal parties and candidates this year -- would have been forced to sell some of the insurance operations it acquired from last year's merger with the Travelers Group. In 1999, the leading recipient of banking, securities and insurance contributions -- by a wide margin -- was Sen. John McCain." For more information, contact at the Institute for Public Accuracy: Sam Husseini, (202) 347-0020 or David Zupan, (541) 484-9167 A<>E<>R ~~~~~~~~~~~~~~~ Integrity has no need of rules. -Albert Camus (1913-1960) + + + + + + + + + + + + + + + + + + + + + + + + + + + + The only real voyage of discovery consists not in seeking new landscapes but in having new eyes. -Marcel Proust + + + + + + + + + + + + + + + + + + + + + + + + + + + + "Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your common sense." --Buddha + + + + + + + + + + + + + + + + + + + + + + + + + + + + It is preoccupation with possessions, more than anything else, that prevents us from living freely and nobly. -Bertrand Russell + + + + + + + + + + + + + + + + + + + + + + + + + + + + "Everyone has the right...to seek, receive and impart information and ideas through any media and regardless of frontiers." 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