May 15, 2010

Wall Street Influence, by the numbers



The US Senate is voting on dozens of amendments to the banking reform bill. Thousands will march in Washington, DC on Monday, demanding Wall Street reform and good jobs.

The big banks made profits - big profits - EVER SINGLE DAY of 2010, regardless of the state of the rest of the economy, and they're suing that money to fight off a recovery for the rest of us.

Here are some other numbers assembled by our friends at the Center for American Progress about why it is so important for all of us to tall our Senators to stand with the people:

$1.4 MILLION ...The amount that the finance industry is spending every day to influence Congress.

243 ...The number of government insiders turned lobbyists employed by the six big banks and their trade associations, including 202 former congressional staffers.

25 ...The number of hedge fund managers and Wall Street executives that Senate Minority Leader Mitch McConnell and Senator John Cornyn, chair of the Republican Senatorial Campaign Committee, met with to plot strategy for killing real reform and enhancing Republican electoral gains in the election.


$1.765 BILLION ...The total amount of tax-exempt Liberty Bonds, state and local tax breaks, and cash grants given to Goldman Sachs to build it's new $2.1 billion headquarters in New York City.

$3.3 BILLION ...Goldman's first quarter profits, meaning it could have paid the total cost for its new building all by itself using just 2 months of its profits.

4 ...The percentage of Americans who hold a positive view of Goldman Sachs, according to a new poll from NBC and the Wall Street Journal.

6 ...The number of banks now under scrutiny in a federal criminal probe. The list now includes Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, Citigroup, Deutsche Bank, and UBS.

8 ...The number of banks under scrutiny by the New York attorney general's office, in a probe examining whether the banks "duped" rating agencies by providing them with misleading information. The banks under investigation are Goldman Sachs, Morgan Stanley, UBS, Citigroup, Credit Suisse, Deutsche Bank, Crédit Agricole, and Merrill Lynch (now owned by Bank of America).

61 days ...The number of days Bank of America, Citigroup, Goldman Sachs, and JP Morgan Chase made money trading during the first 3 months of the year-a perfect run that is "one for the record books."

$600 MILLION ...The amount that the six big banks and their trade associations have spent on lobbying, trade association activity, and political contributions since the first major federal bailout of Bear Sterns in March 2008.

18 percent ...The amount that anti-predatory lending laws can reduce foreclosure rates, according to a recent study. Unfortunately, some Senate Democrats are making a misguided push to preempt states from putting in place these and other consumer protections stronger than those in the Wall Street accountability bill.

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