Tag Archives: Lobbyists

Jamie Dimon Wasting Time In Front Of Senate Banking Committee

Today’s event of the day in the business and financial world was certainly JP Morgan’s Jamie Dimon reporting in D.C. to the Senate Banking Committee. A lot of people have probably expected something special coming out of this hearing. Watching and listening to it, from my view, the hearing was for the most part a waste of time. While the committee has the need to demonstrate that they do something, the hearing didn’t really bring this over. It is obvious that many people on this committee actually don’t even understand what this is about and what is discussed, and much more, what Dimon says in his response.

From Dimon’s view, it must be a waste of time. He has to run the biggest bank around and has a schedule that stretches over months. Understandable that at some point in this hearing he was annoyed and bored. It sure is difficult to keep quite when listening to lawmakers that read their questions from paper, word by word. Respect Jamie Dimon, for staying cool.

What do we take from this? In my opinion, the most remarkable statement Dimon made, was the one when he agreed that we need strong regulation and not more regulation. With that statement he stepped on the toes of both parties. Jamie Dimon stated that we have missed out to fix a few holes over time. If this will put a different light on the regulation discussion has to be seen. Dimon’s colleagues from other banks, industry and political lobbyists will probably not like that statement and will try to twist and turn things so that it is fitting the political agenda and pocket.

While many want to undo deregulation, others want to loosen up or at least leave regulation as it is. The problem is, as the past and the newest JP Morgan case show, regulations are clearly not good enough and in some cases make no sense at all. The problem was obviously caused at the time when the financial industry was deregulated in 1999. While deregulation took place, the rules and regulations for the most part were never adjusted to the new circumstances and the new players at the table. With the political stalemate in D.C. and elections in November, it will be some time until something happens, if at all. Until then we will have to calculate in that at any time someone might gamble the house, or the country, away.

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Internet Restrictions – Governments, Music Industry and Lobbyists Working to Restrict Internet for People

According to Google co-founder Sergey Brin, governments and the overzealous music industry are gearing up to bring major changes to the Internet. With a new “act” to limit the Internet coming out on a regular basis, this is common knowledge. It is no secret that the music industry, and others,  is lobbying heavy to restrict people’s freedom and abilities to operate on the Internet.

It is also common knowledge that a certain group of politicians, “backed” by different industry lobbyists, are looking to shortcut the rest of us when it comes to Internet usage and the opportunities the Internet gives us. These groups are looking for control and a monopolistic environment in order to protect what they have.

Their is nothing wrong with protecting “yours”, but the Internet is a creation that turned out into a place for “common good” and should therefore stay exactly that without restrictions. Every economist can calculate the $loss for any advanced economy, if these groups and lobbyists are successful to secure the Internet for a few.

There is one good example what all this means in practice: Remember the light bulb and Edison? Imagine the candle industry being successful in banning this amazing and world changing invention just for their own good. Besides of sitting in the dark, there would be many other restrictions put on our lives, just to satisfy the greed of some.

The Internet and what it means for people is not different. In times of unemployment it has given many people the opportunity to earn an income and stay off government services and will continue to do so. It has given people the opportunity to express themselves and make changes for good. Especially over the last two years the Internet, combined with social media, has made a name for itself as freedom supporting tool. The events in North Africa, the Middle East and in other parts of the world are certainly great examples to support this statement.

Please keep in mind that it is not necessary to change and restrict the Internet in order to protect us all from criminal activity. Such activity has been around before the Internet and will be around even if the Internet is restricted. There is enough technology and qualified law enforcement available to keep all of us safe without restricting people and their opportunities. What all these “acts” and changes and restrictions would really do is, secure the music industry and a few others “do what you want” attitude on the expense of all of us including progress and innovation.

That people don’t have to accept these activities of lobbyists, industries and even politicians has been demonstrated by the miserable fail of SOPA. As long as people and Internet supporting organizations voice their opinion, changes and restrictions can be avoided. Sitting still and accepting whatever comes up would have major consequences for all of us and generations to come.

While I am sure that there will be many opportunities in the future to express your opinion about the subject, I would appreciate your comment in the comment section below.

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Wall Street pays big to “influence” Washington

While looking at the headline of this article, I was wondering why we allow such thing to happen. It appears pretty clear that bribery and lobbying activity is the same thing. Isn’t it?

WASHINGTON (CNNMoney) — Financial industry spending to influence Washington topped $150 million for the second year in a row, with emphasis shifting to regulators of the Dodd-Frank reform law, according to watchdog groups. Read Article on CNNMoney

 

Occupy Wall Street and Wall Street’s actions – Just wondering

While reading the news this morning and going over a few message boards, I was wondering about all the commentary. Some more or less reputable Wall Street writers had their say about “Occupy Wall Street”. Comments such as “Occupy Wall Street is 99% dead”, “Get real, or go home” and some other page fillers by the experts I had to read. Continue reading