The most outrageous and egregious attack on Warren came from the Wall Street Journal, which ran an ethically-challenged OpEd from two former Wall Street lobbyists, one of whom was directly responsible for the legislation that repealed the Glass-Steagall Act, which paved the way to the epic crash on Wall Street in 2008.
By Pam Martens and Russ Martens of Wall Street on Parade
On May 6 of this year, Wall Street On Parade predicted that Senator Elizabeth Warren, now rising rapidly in her bid for President, would be targeted by Wall Street in an effort to derail her campaign. Yesterday, that Wall Street campaign officially began. CNBC’s Jim Cramer and David Faber discussed on TV how they are hearing from Wall Street bank executives that Warren must be stopped.
On the same day, September 10, 2019, Bloomberg News, which is majority owned by billionaire Michael Bloomberg, whose $52.4 billion net worth derives from leasing his data terminals to thousands of Wall Street trading floors around the globe, ran this headline: “Richest Could Lose Hundreds of Billions Under Warren’s Wealth Tax.” Obviously, that wouldn’t sit too well with Michael Bloomberg, who has frequently penned his own OpEds for his financial news empire.
But the most outrageous and egregious attack on Warren came yesterday from the Wall Street Journal, which ran an ethically-challenged OpEd from two former Wall Street lobbyists without ever mentioning what their real background was. (See related articles below for how the Wall Street Journal has turned this type of ethically-challenged attack into an art form.)
The opinion piece was titled “Warren’s Assault on Retiree Wealth,” and was written by Phil Gramm and Mike Solon. Gramm is the former Republican Senator whose name appears on the Gramm-Leach-Bliley Act, the legislation that repealed the Glass-Steagall Act. It was that repeal that allowed Wall Street’s casino investment banks to merge with commercial banks holding Federally-insured deposits. And it was this dangerous combo that led to the epic crash on Wall Street in 2008 and the ensuing economic collapse in the U.S. – the greatest collapse since the Great Depression.
Gramm was not only a registered lobbyist for the global investment bank, UBS, but he formed his own lobbying firm, Gramm Partners.
Gramm’s wife is Wendy Lee Gramm, the former Chair of the Commodity Futures Trading Commission (CFTC) from 1988 to January 1993, who gave Wall Street exactly what it wanted in leaving its dangerous derivative contracts free from Federal regulation until the crash…