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                    Paul A Drockton M.A.
         Romney and Predatory Capitalism
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Paul A Drockton M.A.
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When Adam Smith wrote about the Free Market, and against government controls over it, he failed to factor in the possibility that predators and wolves would abound in this world of ours. Adam Smith was an honest man, he therefore assumed all other men were just as honest.

People accept the fact that governments exist to enact laws to protect us against predators. There are laws against rape. Laws against murder. Laws against theft. Remove those prohibitions and wolves start feasting on the sheep. The same thing holds true in the financial arena.


Mitt Romney is a Predator

Whether we focus on Bain Capital, the Mormon Mafia, his offshore accounts, pump and dump stock schemes or his other behavior is inconsequential. Men like Romney are never satiated. Nor are they satisfied. Financial regulations would impede his plundering if they were ever actually enforced. This is why he opposes them.

"Mitt Romney says he wants to talk about the economy in this presidential campaign, including his call to repeal the Dodd-Frank financial regulation law. JPMorgan Chase & Co. (JPM)ís $2 billion trading loss in risky transactions isnít the sort of conversation he had in mind.

So far, presumptive Republican nominee Romney has said little about the transaction that is roiling Wall Street and Washington, prompting an inquiry by the Federal Reserve, a call for a congressional investigation and a demand by Elizabeth Warren, a Democratic Senate candidate in Massachusetts, that JPMorgan Chief Executive Officer Jamie Dimon resign from the board of the New York Federal Reserve." (Source)


Funded by Fellow Predators:

Hedge Funds were behind the sub-prime crisis, derivatives and looting shareholder and companies value through short-selling. Romney's biggest donors in his Superpac made billions through their predatory behavior. Other predators have been equally generous to Mitt Romney's campaign: (Source)

Goldman Sachs                  $564,580
JPMorgan Chase & Co     $400,675
Bank of America                 $364,850
Morgan Stanley                   $363,550
Credit Suisse Group          $316,160
Citigroup Inc                        $286,015


Dodd-Frank Curtails Hedge-Fund Predatory Behavior

"The Volcker Rule bans banks from using or owning hedge funds for the banks' own profit. That's because they'd often use their depositors' funds to do so. Banks can use hedge funds for their customers only. Determining which funds are for the banks' profits and which funds are for customers has been difficult. Therefore, Dodd-Frank gave banks seven years to divest the funds. They can keep any funds if that are less than 3% of revenue.....

One of the causes of the 2008 financial crisis was that, since hedge funds and other financial advisers weren't regulated, no one knew what they were investing in or how much was at stake. That's why the Fed and other agencies thought the mortgage crisis would be confined to the housing industry. To correct for that, Dodd-Frank says that hedge funds must register with the SEC and provide date about their trades and portfolios so the SEC can assess overall market risk. States are given more power to regulate investment advisers, since Dodd-Frank raises the asset threshold limit from $30 million to $100 million." (Source)

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