Tuesday, October 4, 2011

GOP and Fox News "Don't report crimes committed by bankers!"

Fox Business reporter Charlie Gasparino, who refers to financial whistleblowers as “rats,” claimed that the new Dodd-Frank whistleblower protections are hurting the big banks:

GASPARINO: If you create all these incentives to sue. Well it seems like we’re increasing litigation at a time against businesses at a time when you know lets face it, all these banks, they’re getting hammered. You just saw that ugly chart of Goldman Sachs..."

Freshman Rep. Michael Grimm (R-NY) sponsored a bill specifically to repeal the whistleblower law. Grimm’s legislation is a wish-list for corrupt banks: it would not only reduce rewards for reporting fraud, but would force whistleblowers to report crimes to their supervisors before notifying authorities.

Rep. Steve Stivers (R-OH), a lawmaker-turned bank lobbyist-turned lawmaker again, is among the team of four legislators working to whip up support for the legislation. Stivers and Grimm have been showered with contributions from top Wall Street firms, including JP Morgan and Bank of America.

While it is unlikely that Grimm’s measure is passed and signed into law as a stand-alone bill under President Obama, it could be forced through by the Republicans using a budget stand-off or another debt ceiling hostage situation. > Full Story

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