In a Mother Jones piece that is starting to gain traction across the liberal blogsphere today, Josh Harkinson writes about the Occupy the SEC group that includes “financial insiders with the education and regulatory vocabulary to challenge high-powered lobbyists at their own game.”
Yesterday, a group affiliated with Occupy Wall Street submitted an astounding comment letter to the Securities and Exchange Commission. Point by point, it methodically challenges the arguments of finance industry lobbyists who want to water down last year’s historic Dodd-Frank Wall Street reforms. The lobbyists have been using the law’s official public comment period to try to kneecap the reforms, and given how arcane financial regulation can be, they might get away with it. But Occupy the SEC is fighting fire with fire, and in so doing, defying stereotypes of the Occupy movement.
The financial industry is trying desperately to wriggle out of the controls that Dodd-Frank imposed on them. Occupy the SEC, a very, very smart bunch of current and former financial industry executives weigh in with critiques and suggestions concerning the government’s implementation of the “Volcker Rule” that limits the kind of derivative packaging that caused the financial meltdown. Since the meltdown, Goldman Sachs has been trying to get their little grubby hands back on the money faucet. They’re spending Romney-type money on lobbyists, including hiring Barney Frank’s former staffer that got the reforms passed to help overturn those very reforms!
The most common complaint about the Occupy movement is that it does not present a clear and coherent position.
“Occupy the SEC is a group of concerned citizens, activists, and financial professionals with decades of collective experience working at many of the largest financial firms in the industry. Together, we make up a vast array of specialists, including traders, quantitative analysts, compliance officers, and technology and risk analysts. Like much of the 99%, we have bank deposits and retirement accounts that are in need of protection through vigorous enforcement of the Volcker Rule. Our experiences working inside the financial industry have informed our answers to the questions proposed, making us well-suited to understand and anticipate how the proposed implementation, should it stand, will affect us and the rest of the general public.
The United States aspires to democracy, but no true democracy is attainable when the process is determined by economic power…”
That last sentence should be the first line of the Declaration of Independence 2.0
Here’s the best mainstream overview, from TIME. If you read between the lines—and the wipe off its condescension—the truth appears… which is that the fuckers at Goldman Sachs and the champagne drinking overlords on Wall Street are being countered by experienced folks who know the financial industry grimoire inside and out.
Meet the Financial Wizards Working With Occupy Wall Street (Mother Jones)