And is it too late for the Republicans to get off the ride?
Ironically, one rule the bank has lobbied Congress hard about is the Volcker Rule, which prohibits banks from trading with
Tucked inside the last-minute fiscal cliff package were more than a dozen tax loopholes, many of which will benefit Wall Street financial firms and some of the nation's biggest corporations. One of the more unusual tax benefits in the fiscal cliff legislation is a longstanding carve-out for racetracks used by NASCAR.
A spokesman for the International Speedway Corp., Charles Talbert, said the industry is simply seeking to preserve a tax
The financial sector does not make anything. Its goal is to take a little piece of every transaction as money flows through its hands, and in the coming days Wall Street will fight to continue this practice in its harshest form.
GOP candidates are making a point of running against "bailouts." Yet even as they rail about rescuing big banks, they're working on a plan that would slip those same banks an estimated $90 billion.
It's always so much easier to cut deals in the backroom, isn't it? That way politicians don't have to be held accountable for their actions. The bank lobby is clearly frightened of the democratic process... and it should be.
The bankers soon headed to Capitol Hill, talking points in hand -- white folder for House visits, blue folder for Senate
UPDATE: Barney Frank (D-Mass.), chairman of the committee that employs many of those staffers, sent a letter to Boehner calling
WATCH: Warren, the chair of the Congressional Oversight Panel for TARP, explained that banks and their lobbyists are hammering