Barney Frank Pledges Support for Derivatives
May 27, 2010 -- It's a bit ironic, that as Germany moves to defend their nation by imposing a ban on all "naked" short sales in the country, Barney Frank moves to defend London and Wall St., pledging to remove Blanche Lincoln's ban on derivatives from the financial reform bill.
This is simply unacceptable for a representative of the people. Not only must derivative trading be banned for banks, but all worthless derivative contracts must be separated from legitimate assets through a Glass-Steagall reorganization, in order to protect truly necessary banking functions for the real economy, such as lending for industry and agriculture.
It's time for Bailout Barney to go.
--Rachel Brown