The Durbin Fee : Amendment to Dodd-Frank Will Cost Debit Card Users. Hold on to your wallets.

How Dodd and Frank are not in prison is beyond me.

Prison? Dodd is riding high---in Hollwood. Dodd was bought and paid for by financial interests. And when Dodd dropped out of politics to go to Hollywood, Frank sucked up to the same interests.

Dodd runs Hollywood's lobbying syndicate---the Motion Picture Association of America-----at a cool $1.2 million a year PLUS, despite pledging "no lobbying, no lobbying" after his forced retirement from the Senate. Pathetic and instructive to those seeking to understand the liberal mind.

Reams of legislation Dodd has written or advocated affecting the housing, lending, insurance and securities industries have drained hundreds of billions out of the economy, ballooned the federal debt, cost tens of thousands of people their jobs and driven hundreds of thousands of homeowners into foreclosure, bankruptcy or both.

For his efforts, Sen. Dodd was rewarded in the 2008 election cycle., alone, with $7.65 million in campaign contributions (he took in $11.7 million in all) from the securities, insurance, real-estate and commercial-banking industries. With $165,400, Sen. Dodd also topped the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989. Sen. Barack Obama, the self-styled agent of change, is second at $126,000....

SEN DODD'S CAMPAIGN CONTRIBUTORS
Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
The Hartford, $94,350;
Bank of America, $91,300;
JPMorgan Chase, $129,150;
USB, $101,900;
Hartford Finance Services, $101,500
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000

When the Dodd-Frank financial overhaul act was passed, its supporters promised greater scrutiny of big money managers, such as hedge funds and private-equity firms, that have long been allowed to fly under regulators' radar........... In a strange twist, the new rules aimed at cleaning up Wall Street may make it easier for some investment managers to commit fraud.

Dodd was bought and paid for by financial interests. And when Dodd was forced out of politics to become Hollywood's point man, Barney Frank sucked up to the same interests.

Not true. We have our PAC checking account and I have a personal checking and savings account at a credit union and they are charging us $5 a month even though there are no debit cards attached to any of the accounts. CEO said they could either absorb the charge for everyone or charge for it so they are charging. They do pay interest, albeit minimal, on all account balances. I have a business checking account at a regular bank and they don’t charge the fee even though I use debit card for all transactions I can. But I also have checks being direct deposited every month and maintain more than a minimum balance.

RE: Is that outrageous or what? AND if that wasn’t enough, he was re-elected! WTF?

One of the charges against Charles Rangel was his failure to report income from his rental of a beachside villa he owns in Punta Cana in the Dominican Republic.

I would have supported him at least in that one area had he argued for a change of tax law that states -— INCOME NOT EARNED IN THE USA should NOT BE TAXABLE IN THE USA.

I know of a software engineer from Germany (and still a German citizen) who works at Microsoft but doesn’t pay German income taxes; only US taxes. But when if you worked in Germany for 9 months or more, you have to pay both US and German taxes.

The US and Eritrea are the only two nations that tax based upon citizenship, not locale. The US makes a claim to taxes on any money you earn anywhere in the world, if you’re a citizen or permanent resident. Highly immoral - but a claim nevertheless.

It is Durbin's amendment to FinReg / Dodd-Frank, but behind the scene, the real author of this particular plank was a Marxist Elizabeth Warren, a putative Democratic candidate for the U.S. Senate seat from New Jersey.

She worked hard for the creation of Consumer Financial Protection Bureau, cleverly embedding it in the Fed structure practically self-financing and with nearly no accountability to the Congress.

She is a heroine of Michael Moore's propaganda film Capitalism: A Love Story. She made her name as a "financial expert" by attacking banks and credit and debit card services (interest rates, fees and other card terms), usually on PBS and similar programs and "documentaries".

Unsafe at Any Rate - Elizabeth Warren, Democracy | A Journal of Ideas, Issue #5, Summer 2007

If it's good enough for microwaves, it's good enough for mortgages. Why we need a Financial Product Safety Commission. .....

Elizabeth Warren is the Leo Gottleib Professor of Law at Harvard Law School. She also sits on the steering committee of the Tobin Project.

The Tobin Project is an alliance of the nation's leading academics united by a belief in the power of ideas and a shared commitment to using ideas to improve the lives of their fellow citizens.

Modeled after earlier efforts to link academics and lawmakers, the Tobin Project seeks to influence public debate by reaching both outward to connect with the policy community and inward to shape debate within the academic community.

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