Mission accomplished, I suppose.
The lobbyist rats that helped the fatten the cats are leaving the ship: former banking lobbyist John Dugan will leave the Office of the Comptroller of the Currency after a 5 year term during which he looked the other way & ignored consumer complaints.
According to Dugan he was “an effective crisis manager, worked to soften the impact of financial turmoil on national banks and sounded off on certain regulatory issues relevant to those banks, such as the need for better loan underwriting and the risk of being too reliant on commercial real estate lending”. LOL.
All evidence to the contrary. Chris Whalen:
“The OCC bears a large part of responsibility for the subprime fiasco because not only were large banks involved in the purchase and securitization of subprime, they were also involved in the derivatives and CDOs,”
Meanwhile a change at John Dugan’s former employer, banking lobby firm, the ABA:
“After 25 years at ABA, I believe this is the best time to create the opportunity for new leadership,” Yingling said in statement.
The move comes as Congress is on the verge of passing broad financial regulatory legislation. Like most of the industry, the ABA lobbied aggressively against many of the provisions.
I wonder what new industries & people they’ll screw over in retirement.
