Friday, June 25, 2010

New Financial Regulation

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JPM is one of major owners of the Federal Reserve. And JPM is the bank who wrote massive derivatives.


The Most Important Treasury Secretary You’ve Never Heard Of

* Joshua M Brown June 26th, 2010

Think fast - who's on the $10,000 bill? Granted, you may never have actually seen or held one in your hands, but you'd probably know the name if I said it, right?

~>Okay - it's Salmon P. Chase who appears on it.

Never heard of him, right? As we approach Independence Day, I thought we'd take a look at a fairly obscure but important American, the man who both created the national banking system and invented America's paper currency.

Salmon was a politician from Ohio in the mid-19th century, one of the most outspoken anti-slavery voices in the nation. He ran for the Presidency as the first Republican candidate, eventually throwing his support behind Abe Lincoln for the national race. Lincoln ultimately made Chase his Secretary of the Treasury after the election.

As Treasury Secretary from 1861 to 1864, Salmon Chase raised the $500 million needed to finance the Civil War after striving hard to prevent it's having to be fought at all. To accomplish this, he sold war bonds with the help of early investment bankers Jay Cooke & Co.

Chase also was the father of our modern paper currency as he created the first "greenback" demand note in 1861. We won't hold the fact that his own face appeared on many of these notes against him. Chase is said to have personally made the decision to have "In God We Trust" added to the bills as well.

Salmon Chase died at the the age of 65 in 1873 and the Chase Manhattan Bank (now a part of JPMorgan Chase) was named in his honor. From 1928 to 1946, the $10,000 bill was printed and circulated with his face on it.

Anti-slavery activist, proto-Republican and creator of the US paper currency - Salmon Chase is a name you should know.

http://www.thereformedbroker.com/2010/06/26/the-most-important-treasury-secretary-youve-never-heard-of/"

















  • Lawmakers Reach Agreement on Financial Reform

    US lawmakers hammered out a historic overhaul of financial regulations as dawn broke over the nation's capital Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit devoted to financial reform

  • Highlights of Financial Regulation Reform Bill

      The bill must now win approval in each chamber before it can go to President Barack Obama to be signed into law. Here is a brief look at the bill's main provisions ...

  • Financial Reform: Experts React to Bill

      U.S. lawmakers on Friday finalized a historic overhaul of financial regulations, handing President Obama a major domestic victory as he heads to Canada tonight for the three-day G20 summit devoted to financial reform. Read what the experts had to say on the new regulation.

  • Obama 'Gratified' by Deal on Financial Overhaul

      President Barack Obama says he's "gratified" by the deal that Congress has worked out on overhauling Wall Street rules.

  • Wall St. Wins, Main St. Loses: Bove

      The financial reform bill will likely hurt consumers more than banks because Wall Street will find a way to get around it, banking analyst Richard Bove told CNBC.

  • This Won't Prevent Another Crisis: Isaac

      The financial regulation bill agreed upon by Congressional leaders overnight is too weak and will not reform the system, Williams Isaac, former chiarman of the FDIC, told CNBC.

  • Bill an 'Over-Reach, Far From Finished': Sen. Corker

      The compromise reached by negotiators on financial regfulation reform is far from perfect, Sen. Bob Corker (R-Tenn.) and member of the Senate Banking Committee, told CNBC Friday.

  • Emotional Finish to Wall Street Reform Marathon

      At 5.06am lawmakers voted to name the financial reform bill after Barney Frank and Chris Dodd, the chairmen of the House financial services and Senate banking committees.

  • Senators Prepare A Citigroup-Sized Hole In Volcker Rule

      Senate negotiators are expected to offer changes today to the financial reform bill that would soften the Volcker rule. On Capitol Hill there is widespread speculation that the Senate negotiators will propose language that would allow banks to invest a small amount of their capital in their internal hedge funds or proprietary trading desks.

  • Senators Prepare A Citigroup-Sized Hole In Volcker Rule

      Senate negotiators are expected to offer changes today to the financial reform bill that would soften the Volcker rule. On Capitol Hill there is widespread speculation that the Senate negotiators will propose language that would allow banks to invest a small amount of their capital in their internal hedge funds or proprietary trading desks.






In reality, it does not make much difference as millions of Americans and America is already broken. It will almost never be restored as we used to know America and as Americans. It would be, in historical context in its entirety, another drama as we have seen, we know aware of the facts.

New regulation





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