Monday, July 18, 2011

Over 2,000 Meetings by Outsiders with Regulators over Frank-Dodd

Do you wonder why new regulations always seem to work against you on a personal level? That's because the high level plotters are in meetings playing footsie with the regulators that are supposedly regulating them. Day in, day out, they are in Washington D.C, working on capturing the minds of those that control the power centers.

Goldman Sachs has had more meetings with government officials, about the implementation of the Dodd-Frank Act, than any other company or organization, reports the Sunlight Foundation.

Government Agencies have 83 meetings with Goldman Sachs executives. Other institutions showing up at the top of the most frequent visits list include JP Morgan Chase, with 73 meetings, Morgan Stanley, with 58 meetings, and Bank of America, with 55 meetings. Most of these meetings have been with the SEC, CFTC and the like.

While the banksters were plotting to move the regulations in their favor, union plotters and consumer advocacy groups held their own meetings with regulators in an attempt to move the power center in their favor.

The AFL-CIO attended a half dozen meetings, two of which were with Elizabeth Warren. The Consumers Union had four meetings with Warren.

Lawyers and lobbyists also got in on the plotting. The lobbying firm Delta Strategy Group, which was founded in 2010 by the former chair of the CFTC, James Newsome, is reported present at 44 CFTC meetings.The law firm, Sullivan and Cromwell participated in 29 meetings.

According to Sunlight, overall, Elizabeth Warren averaged more reported meetings, an average of 18 a month, than any other government official. CFTC chairman Gary Gensler averaged 12 reported meetings per month.

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