Carl Levin on Corporations
Democratic Sr Senator (MI)
His committee's investigators had internal e-mails showing that Goldman traders knew that the Abacus securities were actually ticking time bombs. The large firms are designed to gain "information advantage" as a fiduciary and, day to day, simply to decide how to use it to crush competitors on the trading floor. After Levin grilled Blankfein about how Goldman traded against clients and for itself using the information gleaned from clients, or relationships with the government, Blankfein demurred that "we do other things in the firm; we are a fiduciary."
Source: Confidence Men, by Ron Suskind, p.400-404 , Sep 20, 2011
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Supporter's Comments: (by CUNA, a pro-credit union organization)
America's small businesses are the engine of growth of our nation's economy. The effects of the financial crisis of the past few years have spread to all types of lending, resulting in a reduction in the availability of business credit. At a time when banks are withdrawing credit from America's small businesses, credit unions have actually been expanding credit to small businesses, but with more credit unions approaching the cap, this growth is threatened. Congress should enact legislation which increases the credit union member business lending cap from 12.25% of assets to 27.5% for well-capitalized credit unions
Opponent's Comments: (by the Independent Community Banks of America, Nov. 15, 2012)
The tax-subsidized credit union industry is pressing for doubling the statutory cap Congress placed on member business loans. Shifting assets from tax-paying banks to tax-exempt credit unions would reduce tax revenue to the government; the CBO estimates the revenue impact at $354 million over 10 years. We believe that banks are currently meeting the needs of credit-worthy businesses, as substantiated by numerous business surveys.
The United Food and Commercial Workers International Union (UFCW) is North America's Neighborhood Union--1.3 million members with UFCW locals in all 50 states, Puerto Rico and Canada. Our members work in supermarkets, drug stores, retail stores, meatpacking and meat processing plants, food processing plants, and manufacturing workers who make everything from fertilizer to shoes. We number over 60,000 strong with 25,000 workers in chemical production and 20,000 who work in garment and textile industries.
A bill to ensure that persons who form corporations in the United States disclose the beneficial owners of those corporations, in order to prevent wrongdoers from exploiting United States corporations for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations, and for other purposes.
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Senate elections Nov. 2012:
CA:Feinstein(D) vs.Emken(R) vs.Lightfoot(L)
DE:Carper(D) vs.Wade(R) vs.Pires(I)
HI:Hirono(D) vs.Lingle(R) vs.
MD:Cardin(D) vs.Bongino(R) vs.Sobhani(I)
ME:King(I) vs.Dill(D) vs.Summers(R)
MI:Stabenow(D) vs.Hoekstra(R) vs.Boman(L)
NJ:Menendez(D) vs.Kyrillos(R) vs.Diakos(I)
NY:Gillibrand(D) vs.Long(R) vs.Noren(I) vs.Clark(G)
TX:Cruz(R) vs.Sadler(D) vs.Roland(L) vs.
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