Tuesday, October 13, 2009

Oct. 13: Where Is Congress On Wall Street Reform, Now That Wall Street Is Betting Our Lives?

By Sylvia Gurinsky

On Sunday's "NBC Nightly News," senior investigative correspondent Lisa Myers reported on life settlement securities, Wall Street's latest gambling stunt that speculates on how long people with life insurance policies will live:


The report speaks to a bigger concern: The fact that Congress hasn't gotten around to reining in Wall Street for the abuses that brought about the collapse of the economy last year.

The complexity of the issues and the legislation that has been proposed don't help. But there's another problem: There doesn't seem to be a major point person in Congress for whom this is a priority. Without a grand poobah of legislation (in the way, for example, that the late Sen. Edward Kennedy was promoting health insurance changes), reform isn't going anywhere.

To make matters worse, Wall Street firms continue to line the campaign coffers of members of Congress for 2010 and beyond.

The business-as-usual mentality contributes to the continued economic crisis and makes a new Wall Street collapse possible.

Americans sick and tired of CEOs playing roulette with their lives and keeping their bonuses and their fancy mansions and yachts need to visit www.house.gov and www.senate.gov, find their representatives and call for reform now.

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