Tag: Sen. Richard Durbin

“They Frankly Own the Place”

Why does it seem that there in so much corruption in Washington, and why are people like Treasury Secretary Tim Geithner able to set WH policy and continue raiding the Treasury and robbing you blind? Why do the House and the Senate seem to bend over backwards kowtowing to Wall Street and Banking Industry fat cats?

“They Frankly Own the Place”

by Matt Renner, Editor and Washington reporter for Truthout.

   What happens when a powerful senator goes up against an industry which has received roughly four trillion dollars in taxpayer support to stave off complete collapse? The senator loses.

   Or at least that seems to be what happened last week when an amendment, which would have given bankruptcy judges the ability to adjust or “cram down” mortgages to help borrowers avoid foreclosure, was not able to garner the 60 votes needed to overcome a self-imposed invisible filibuster, which continues to haunt the Democrats in the Senate.

   A procedural step to cut off debate and move to vote on the amendment was defeated by a 45 to 51 vote on the floor of the Senate, with 12 Democrats crossing the isle to vote with a unified Republican Party.

   After the vote, Illinois Sen. Richard Durbin, the second highest ranking Democrat and author of the legislation, broke a taboo of the Senate with a charge of institution-wide corruption.

   “And the banks – hard to believe in a time when we’re facing a banking crisis that many of the banks created – are still the most powerful lobby on Capitol Hill. And they frankly own the place,” Durbin said.

Read the whole thing here…