Senate Votes For Wall Street; Megabanks To Remain Behemoths

[cal04]

http://www.huffingtonpost.com/2010/05/06/senate-votes-for-wall-str_n_567063.html

A move to break up major Wall Street banks failed Thursday night by a vote of 61 to 33.

Two Republicans, Richard Shelby of Alabama and Tom Coburn of Oklahoma, voted with 31 Democrats, including Senate Majority Leader Harry Reid of Nevada, in support of the provision. The author of the pending overall financial reform bill in the Senate, Banking Committee Chairman Christopher Dodd, voted against it. (See the full roll call.)

The amendment, sponsored by Sens. Sherrod Brown (D-Ohio) and Ted Kaufman (D-Del.), would have required megabanks to be broken down in size and capped so that their individual failure would not bring down the entire system.

Under Brown-Kaufman, no bank could hold more than 10 percent of the total amount of insured deposits, and a limit would have been placed on liabilities of a single bank to two percent of GDP.

[villager]

1. Our "alternative" political party didn't want to offend their masters, either!

n/t

[gateley]

2. Maybe there's more to it than I'm seeing, but can't we just do the RIGHT thing? nt

[Angry Dragon]

3. SCUM SUCKERS

[SharonRB]

4. Glad to see both of my senators voted aye

Thank you, Senators Levin and Stabenow.

What's up with Kerry voting no?