Citigroup loaned Kushner Cos. $325 million to finance Brooklyn office buildings, soon after CEO Michael Corbat discussed trade policy with Kushner.
Elizabeth Warren on the Senate floor this evening, delivering one of the most powerful congressional speeches I’ve ever heard, attacking the provision in the omnibus government spending bill that amends the Dodd-Frank banking reform bill to restore the promise of taxpayer bailouts to big banks that lose money on crazy derivative gambling. “On Wednesday I spoke to Democrats who are against bailouts. On Thursday I spoke to Republicans who say they’re against bailouts and asked them to vote their beliefs. Today I’m talking about a third group that has tremendous power in Washington, Citigroup.”
Elizabeth Warren just delivered a slashing speech on the Senate floor about the Dodd-Frank rollback provision in the omnibus spending bill. She went through a list of Citigroup alumni holding top positions in the current administration, laid out the imperative for preventing the big banks from making the same crazy derivatives gambles that blew up in everyone’s faces six years ago. The provision would ease regulation of derivatives and promise future taxpayer bailouts for banks that lose big on derivatives bets.
I question whether America is more innovative now than it was in the 1950s and 1960s, when our safety net was stronger and unions were able to bargain for living wages.