Democrat Nelson Votes Against Wall Street Crackdown - Reuters

[WillyT]

Democrat Nelson votes against Wall Street crackdown

<snip>

WASHINGTON, April 26 (Reuters) - Conservative Democratic U.S. Senator Ben Nelson broke with party ranks on Monday and voted against opening Senate debate on a proposed crackdown on Wall Street.

Nelson's action likely means that the bill will be blocked, at least for now. Democrats must pickup at least two Republicans to prevail and clear the way for consideration of the bill. Voting likely to be concluded within minutes.

(Reporting by Thomas Ferraro; editing by Jackie Frank)

<snip>

Link: http://www.reuters.com/article/idUSWAT01436620100426

There are days when I just want to... :nuke:

:mad:

:wtf:

[Sanity Claws]

1. Ben Nelson needs a talking to.

Obama should give him a call.

[Segami]

9. That turd needs to be dropped from the Democratic Party like a stiinkin bad habit. He will continue

to disrupt party votes and side with the Republicans. Kick this guy to the curb!


<>

[Vincardog]

2. Is anyone else ready to primary the blue dawgs?

[blm]

3. That's their headline? EVERY SINGLE Republican is standing with Wall St. and they made the headline

all about one Dem?

Typical. Reuters didn't want the headline to say Republicans Vote Against Reforming Wall Street

[WillyT]

4. This Story Was Posted Before The Vote Was Finished, So...

I guess it was the biggest news at the time.

We'll see what the headline says now that the voting is over.

I'll see if I can find it.

:shrug:

[malaise]

5. And you're surprised because?

Which two Dems were absent. Evan Bayh and who else - and why???
delete n/t

[BlooInBloo]

6. Yup.

[WillyT]

7. You Were Right For The Most Part, Look Here:

Financial reform bill fails Senate test vote

<snip>

(Reuters) - Senate Republicans mustered enough votes on Monday to block debate of a financial regulation reform bill, dealing a temporary setback to its Democratic backers and the Obama administration.

The vote will send key lawmakers back to the negotiating table to hammer out a bipartisan compromise, with modified legislation expected to return to the Senate floor soon.

President Barack Obama and the Democrats want to tighten the rules on banks and capital markets to prevent a repeat of the 2008-09 financial crisis, which tipped the economy into a severe recession and unleashed reform efforts worldwide.

Many Republicans say they see a need for reform, but oppose the Democrats' bill as an overreach by government.

(Reporting by Kevin Drawbaugh)

<snip>

Link: http://www.reuters.com/article/idUSTRE63I3ZW20100426

If ya get past the misleading headline and the photo...

:banghead:

:shrug:

[IndianaGreen]

8. We need to vote to reelect Ben Nelson because he is a Democrat

Is that over used dogma beginning to taste bad to any of you?

[WillyT]

11. LOL... Yep...

:puke:

Sick of it.

:mad:

[Union Yes]

12. This Socialist agrees with you.

:fistbump:

[Union Yes]

10. Time for a huge protest at his office.

Tell us Ben, who is pulling your sellout fucking strings.

:nuke:

[IndianaGreen]

13. According to TPM, this time it was Warren Buffett

Who knows who will be pulling Ben's strings next?

[newblewtoo]

14. Warren Buffet's name

keeps popping up in everything I am reading today and not in a positive way.

Among the considerations still in the balance: A big provision being sought by Warren Buffett in recent weeks. A key Senate committee had changed its proposed overhaul of derivatives regulation after lobbying by Mr. Buffett's Berkshire Hathaway Inc., potentially helping the famed investor avoid a financial hit, congressional aides say.

...

The fate of Berkshire's effort to influence the legislation remains uncertain. Senate officials said Sunday night that most of the details of the agreement haven't yet been finalized.

The provision, sought by Berkshire and pushed by Nebraska Sen. Ben Nelson in the Senate Agriculture Committee, would largely exempt existing derivatives contracts from the proposed rules. Previously, the legislation could have allowed regulators to require that companies such as Nebraska-based Berkshire put aside large sums to cover potential losses. The change thus would aid Berkshire, which has a $63 billion derivatives portfolio, according to Barclays Capital.

Mr. Buffett's push is especially notable because he has warned of the potential dangers of derivatives, famously branding them "financial weapons of mass destruction."

[Segami]

15. YUP!

"...The U.S. reform proposal would establish collateral requirements for derivatives dealers. Berkshire asked Senators including Ben Nelson, Democrat of Nebraska, to grandfather existing contracts.

“Berkshire Hathaway brought the issue to Senator Nelson and a number of others,” said Jake Thompson a spokesman for the Nebraska Democrat. “Senator Nelson agreed that the bill should not be so far-reaching it negatively impacts existing good faith contracts.”

<http://www.omaha.com/article/20100426/AP09/100429669/-1>

[kelly1mm]

16. New meme - "Bipartisan opposition to the bank regulation bill ..."

soon to be seen on Fox!