Letter: Bring back Glass-Steagall

August 16, 2013 

The big banks and their allied thieves have stolen more than $30 billion from state and city government treasuries through rigged interest rate "swap" agreements. They've rigged the London Interbank Offered Rate to their advantage and have unleashed their lobbyists and trade associations to intimidate and threaten reprisals against state legislators backing a return to Glass-Steagall.

These "swaps," which were sold as money-saving initiatives to dozens of public entities, have looted more than $100 million per year from each of certain state or city governments. Were government entities to attempt to cancel these agreements, they would be liable to pay the banks many times that amount in "termination fees." To make those payments, the local governments have had to cut essential social services and infrastructure.

The siege of Congress to repeal the Glass-Steagall Act in 1999 puts the current Wall Street financier siege against Glass-Steagall re-enactment into perspective. The finance, insurance and real estate sectors have contributed more than $300 million to members of Congress who comprise the House Financial Services Committee.

We truly have the best Congress your pension can buy!


Tri-City Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service