I didn't realize it but a provision of this bill allows derivatives & swaps holders to jump the line of other secured creditors in bankruptcy and to do it in secret while other creditors, bondholders, employees, shareholders are left at the courthouse door. I have no idea whose r****ded idiot dumbass idea this was but talk about moral hazard.... That bill was a giant piece of turd delivered by the Republican congress and signed by GWB. America, your turd is served.
According to Thomas, both Illinois senators voted NO Both Arizona Senators voted YES http://www.govtrack.us/data/us/109/gen.rolls-cart/s2005-44.png This bill was a joke from the beginning, basically a giveaway to credit card companies with a bunch of goodie bags tacked on for others.
No because you can't win elections off of it because you can't quantify it into soundbites and it's too complicated for stupid people to understand. Do you think Sarah Palin is smart enough to know anything about this, or anybody who supports her? Signs point to NO........
What about the Delware Senators? Can't tell from the map cuz Delaware is too tiny. Nevermind, found it: Delaware Aye DE Biden, Joseph [D] Aye DE Carper, Thomas [D]
Delaware senators are prisoners of the Delaware corporate bar which is the states only industry. Not a surprise.
Not a surprise, but still Biden didn't have to carry as much water as he did. That's a real black mark on his record from my perspective.
Biden's support of this bill isn't a surprise, as you said, but it also isn't an excuse. Regardless, I'm more interested in the content. The last corporate bk I dealt with only allowed secured swaps to be parri with the secured creditors. And that was laid out in the loan documents. I'd be interested to read more about what you're talking about. Can you point me in the right direction? And I'm not a lawyer, so the less legalese, the better
As far as I know, I believe the 2005 amendments basically expanded the definitions of swaps derivatives etc that were exempt from the automatic freeze.
I'm not disagreeing with the point of this thread. I do disagree with this statement. I've got 2 college degrees and I have no f***ing clue what any of this means. If it's something (actually another thing) that the Republican congress/administration screwed us with, it should be discussed.
I should be more clear - the other huge problem with the 2005 Act was a ravaging of consumer bankruptcy on behalf of credit card companies. There's few threads about it, let me dig em up.
I think it means the debt obligations of a 44 trillion dollar shadow market will be passed onto the American people when all of it starts to go BOOM.
Yes this was the biggest give away to creditors ever. It took away alot of protections for individuals and gave alot of power to big business. I absolutely hated this bill. I couldnt believe the republicans got away with this one. I really hope this gets re-visited after the election.
