Banking Scandals And Politicians

The dirty laundry showing in the banking industry is also worn by our politicians. Why is not Obama and Romney talking about what is going on in banking; not only the LIBOR scandal, but the huge trading losses incurred by JP Morgan Chase. In traditional politics our candidates would get free air time in all news outlets and be on television front and center. Further, politicians in America  are much quieter about this scandal than their counter parts in the U.K..

In years gone by Romney would be shouting "it is happening on Obama's watch." Obama would be uttering "let's get those scoundrels." The legislative branch is just as silent. Congressman Spencer Bachus, Chairman of the House Committee on Financial Services and Tim Johnson, Chairman of the Senate Committee on Banking, Housing and Urban Affairs would be holding hearings and issuing subpoenas calling bankers on the carpet like they did during the collapse of the auto industry. I still remember Senator Shelby publicly demeaning the auto executives. Where is he now?

The silence is obvious. What is not so obvious is why. If one imagines the possible reasons for Washington being so quiet, high on the list would be the fact that the financial services industry is a heavy contributor to political campaigns. After all, we do have a major campaign going on right now. Could this be the reason? Where is Thomas M. Hoenig when you need him? More:


  1. Washington is dirty.

  2. If you didn't like Bush the corporate loophole man, why change to Romney. How is he better than Bush?


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