I Dare You!

Rep McConnell yesterday slammed the emerging financial regulation legislation. His big gripe: It doesn't put an end to taxpayer funded bailouts.

You mean that same taxpayer bailout that you (Mr McConnell) voted for?

OK. I agree. I'd like to see the large financial institutions take a major downsizing, and next time, they need to fail. Along with Hedge funds.

So, Rep McConnell: I challenge you to propose an amendment that:

1) Brings back the major provisions of Glass-Steagall and separates banks from investment houses (and forces the newly consolidated megabanks: BofA, JPMorgan, Wells Fargo, Goldman Sachs to split up into their disparate entities)
2) Regulates the issuance (or maybe just prohibits) CDO's
3) Makes criminal the behavior that took place here (Magnetar)
4) Prohibits the payout of 'Golden Parachutes' during failures / bankruptcies. These execs are paid the big bucks for the big risks - Risks that could at any time destroy their house of cards and leave them unemployed. Make 'em eat it when they fail.

You got the goods, Representative? Or are you just bluster hoping to stifle the legislation so your cronies can continue to live large? (Fourth place in Private Equity Firms contributions, Fifth Place in Hedge Fund Contributions, Fourth place in Securities Brokers contributions.)

(And I'm okay if Rahm Emmanual feels some discomfort, too!)