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Letter: Another bank bailout?

Congresswoman Annie Kuster wants the American taxpayer to bail out Citigroup for up to $3 trillion dollars if that bank’s investments in risky derivatives collapses. Derivatives are the complex financial instruments criminal Wall Street banks used to nearly destroy the world economy and thrust the country into a deep recession.

How about the other too-big-to-fail banks and their trillions of dollars worth of hazardous derivatives? Should taxpayers be forced to bail them out again as well? Kuster, along with 69 of her Democratic and 222 of her Republican colleagues, believes so. That’s why they passed HR992, the Swaps Regulatory Improvement Act, in the House of Representatives.

This deplorable legislation, largely written by Citigroup’s lobbyists, would gut Section 716 of the Dodd-Frank law enacted after the 2008 financial crisis. Section 716 keeps taxpayers off the hook from bailing out the bank’s derivatives.

Rep. Jim Himes, a Connecticut Democrat, who has received $66,450 from Citigroup and is a co-sponsor of HR992, said former congressman Barney Frank and regulators support the bill. He’s lying.

This legislation stands little chance of passing in the Senate, but Kuster should be looking out for the public interest instead of trolling for campaign contributions from Wall Street.

JOHN S. HANCOCK

Concord

Legacy Comments3

What can you expect from a Big Pharma lobbyist?

I agree with John's opinion that Kuster is not in Washington voting for her constituents but here for Wall Street and the democrat party. Her latest vote was a CYA vote because more people here in NH are losing their insurance because of ObamaKare than getting insurance because of ObamaKare. The only sure way of getting rid of politicians like Kuster is to vote them out.

HEADLINE "Obamacare Stands To Bail Out Insurance Companies" "Obamacare law continues to surprise Americans, not so much that its website roll out has proven to be an utter failure, but with the little known fact that in the law, health insurance companies stand to receive a government bail out if they are not able to cover their costs relating to the healthcare law. Republican Senators have introduced The Obamacare Bailout Prevention Act, which would scrub the Obamacare provision in the law that bails out insurance companies with taxpayer dollars."REMEMBER THIS - NObamakare is a 100% democrat creation - administered by the democrats - ZERO Republican votes for it.

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