Tuesday, March 9th, 2010 A clash of the financial titans is being waged among us to determine the future of Wall Street, and most Main Street Americans have no idea about it, says Ellen Brown, an author and expert on the debt system that is destroying America.
By Christopher J. Petherick
America Free Press
A clash of the financial titans is being waged among us to determine the future of Wall Street, and most Main Street Americans have no idea about it, says Ellen Brown, an author and expert on the debt system that is destroying America. The two financial behemoths waging a war over financial regulations are JP Morgan Chase Co.—the result of a merger between JP Morgan and David Rockefeller’s financial flagship Chase Manhattan—and Goldman Sachs.
Today, says Ms. Brown, JP Morgan Chase appears ready to accept reinstatement of post-Depression banking regulations, which prevented banks from merging with Wall Street firms and insurance companies to create the so-called “too-big-to-fail” financial titans behind the new “global economy.”
“In 2000, the Rockefellers and the Morgans joined forces, when JPMorgan and Chase Manhattan merged to become JPMorgan Chase Co.,” wrote Ms. Brown in a recent column. “[On the other hand] former Treasury Secretaries Henry Paulson and Robert Rubin came from Goldman, and current Treasury Secretary Timothy Geithner rose through the ranks as a Rubin protégé.” Geithner also is former head of the Federal Reserve Bank of New York, the most powerful of the Fed’s branches, so it’s especially tough for him to be an impartial participant in America’s financial policies. Now the battle is waging over who will wield more influence in Washington.
Neither side is innocent in this fight, because both engaged in the types of exotic speculation and shadow money-lending, which resulted in the collapse of economies around the world.
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