The Nation:

Who drafted this dubious piece of legislation? Bankers (or their lawyers) did. The leading sellers of derivatives are an exclusive club of five very large financial institutions--Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs--that hold 95 percent of the derivatives exposure among the largest banks (the total contract value exceeds $290 trillion). These are the same folks who toppled the global economy and compelled government to intervene with gigantic bailouts.

Mel Watt, from NC's 12th district, is leading the charge this time. Coincidentally, I'm sure, Bank of America headquarters is also in his district.

If you disagree with this, I suggest you let Mr. Watt, and anyone who has not cosponsored this bill know.

Bloomberg:

Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

Reuters:

As Los Angeles housing advocates launched a campaign warning of mortgage rescue scams, a couple hit by foreclosure are charged with torturing two loan-modification agents they suspected of fraud, authorities said on Monday.

Of course, we shouldn't be torturing anybody, not even loan modification agents; after all, they're just part of a "complex ecology." What we ought to be doing is giving artificial persons the death penalty -- starting with Goldman Sachs, Bank of America, and the other top banks, and working our way down.

AP actually does some reporting; turns out it's not really banksters who own Timmy; it's just a few banksters, among them our favorite, Goldman Sachs:

The calendars, obtained by the AP under the Freedom of Information Act, offer a behind-the-scenes glimpse at the continued influence of three companies -- Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. -- whose executives can reach the nation's most powerful economic official on the phone, sometimes several times a day.

What the calendars show, however, is that only a select few can call the treasury secretary.

LOLfed:

Bank of America is going to pick an emergency backup CEO this week, in case Ken Lewis should meet with an unfortunate accident before the end of the year. Not that they’re expecting anything to happen to him, of course. And that really IS a pool cleaner’s panel van parked across the street from his house.

Heh.