Wall Street is on the verge of its first major win in Trump's Washington

[Crepitus]

Wall Street is on the verge of its first major win in Trump's Washington (https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2017/10/24/the-finance-202-wall-street-is-on-the-verge-of-its-first-major-win-in-trump-s-washington/59ee69fa30fb045cba00099c/?utm_term=.a3f871d16722)


Senate Republicans are gearing up to overturn a rule from the Consumer Financial Protection Bureau that makes it easier for consumers to sue industry giants. They need a simple majority to do so, and a GOP leadership source confirms they will probably vote today. The regulation, issued in July, prohibits banks from slipping binding arbitration clauses into their customers' contracts for credit cards, bank accounts and other products. The financial services industry has made it a top priority to persuade Congress to scrap the rule, which, by a Treasury estimate, could cost firms $500 million in legal defense fees.

Just what the mega-corps need, more protection from the consequences of their actions.

[DGUtley]

. . . . .(link omitted) . . . . Just what the mega-corps need, more protection from the consequences of their actions.
I agree. I'm adamantly against binding arb clauses -- particularly in contracts of adhesion. I litigated this issue in 08 when a dealer tried for force-feed an arb clause down my throat in a car purchase. The dealership counterclaimed contending that Mrs. U and I 'set them up' by not intending to actually buy a car -- which we did the following day, by the way (and my oldest still drives).

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&uact=8&ved=0ahUKEwjoiaimrInXAhUHLyYKHYntBNsQFggmMAA&url=https%3A%2F%2Fsupremecourt.ohio.gov%2Frod%2Fdo cs%2Fpdf%2F9%2F2009%2F2009-ohio-5161.pdf&usg=AOvVaw0z-5C5sFfvFmL6DqWuGw6t

It is wrong. These arbitrations don't have the evidentiary-rules protection, the discovery protection, the civil rules protection and are biased in the manufacturer's favor.

[Green Arrow]

This is what happens when you basically let corporations run your government.

[Captain Obvious]

I strongly oppise this move.

"Free market" types might disagree but this is pure cronyism.

[MisterVeritis]

Wall Street is on the verge of its first major win in Trump's Washington (https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2017/10/24/the-finance-202-wall-street-is-on-the-verge-of-its-first-major-win-in-trump-s-washington/59ee69fa30fb045cba00099c/?utm_term=.a3f871d16722)



Just what the mega-corps need, more protection from the consequences of their actions.
Maybe you and that other megacorps guy should get together and start your own competing company.

[The Xl]

We don't live in a democracy or a republic, the people have no say or power, don't know why this is surprising. The only rights you have are the ones that the corporate and political class haven't been able to eradicate yet, and even then, in many cases they just ignore them.

[Crepitus]

Maybe you and that other megacorps guy should get together and start your own competing company.

What does that even mean?

[MisterVeritis]

What does that even mean?
If this rule is so vitally important you and that other megacorps guy should get together and start your own company. Make an ability to sue you easily the cornerstone of your business model. Go for it. If you and that other megacorps guy are right you will be billionaires before long.

[resister]

Bad move, consumer rights are shit on routinely.

[Crepitus]

If this rule is so vitally important you and that other megacorps guy should get together and start your own company. Make an ability to sue you easily the cornerstone of your business model. Go for it. If you and that other megacorps guy are right you will be billionaires before long.

What other "megacorps guy"?

If you don't have a comment on the topic please don't post until you do.

[MisterVeritis]

If this rule is so vitally important you and that other megacorps guy should get together and start your own company. Make an ability to sue you easily the cornerstone of your business model. Go for it. If you and that other megacorps guy are right you will be billionaires before long.

What other "megacorps guy"?

If you don't have a comment on the topic please don't post until you do.
Do you read and participate here?

If you did you would know who the other megacorps guy is. He is very confused. He believes we have one political party called the donkiephant. You guys would get along, I am certain.

And try not to lecture me. You are not all that good at it.

[ripmeister]

If this rule is so vitally important you and that other megacorps guy should get together and start your own company. Make an ability to sue you easily the cornerstone of your business model. Go for it. If you and that other megacorps guy are right you will be billionaires before long.

Do you read and participate here?

If you did you would know who the other megacorps guy is. He is very confused. He believes we have one political party called the donkiephant. You guys would get along, I am certain.

And try not to lecture me. You are not all that good at it.
Mr. V, we all understand your penchant for unfettered capitalism and social Darwinism. The "Market" is not the solution to everything as you would seem to think.

[MisterVeritis]

Mr. V, we all understand your penchant for unfettered capitalism and social Darwinism. The "Market" is not the solution to everything as you would seem to think.
Equally, I recognize your love of Marxism. Let's begin with the US Constitution. What authority do you find in the Constitution for the massive regulatory, unelected state?

[Kacper]

Wall Street is on the verge of its first major win in Trump's Washington (https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2017/10/24/the-finance-202-wall-street-is-on-the-verge-of-its-first-major-win-in-trump-s-washington/59ee69fa30fb045cba00099c/?utm_term=.a3f871d16722)



Just what the mega-corps need, more protection from the consequences of their actions.
Binding arbitration provisions can be used as a sword or a shield on the other side if you are crafty in how you raise it, especially against credit card companies. The ones with them often try to ignore them when it suits them by filing suit without ever sending the dispute to arbitration in violation of their own boilerplate provisions. Just raising the issue and getting an order for them to produce copies of all account activity and all account terms is often enough to send them slithering on their way.

[barb012]

This is what happens when you basically let corporations run your government.

I agree with you. Unfortunately, Politicians depend heavily on Mega corporations that provide big donations to make laws that work in these corporations favor. The public has no voice since they don't provide enough funding to be heard.

[Captdon]

Equally, I recognize your love of Marxism. Let's begin with the US Constitution. What authority do you find in the Constitution for the massive regulatory, unelected state?

The power to regulate interstate commerce. That doesn't mean they have to let this one get passed.

[Captdon]

I agree with you. Unfortunately, Politicians depend heavily on Mega corporations that provide big donations to make laws that work in these corporations favor. The public has no voice since they don't provide enough funding to be heard.

Let's be honest for a moment. We keep electing the same people. Why? Here my take- "My (officeholder is great), your(officeholder) is a corrupt, lying thief.

[MisterVeritis]

The power to regulate interstate commerce. That doesn't mean they have to let this one get passed.
That won't do it. The way a very limited authority was expanded is worthy of a rebellion. There is no authority for a massive, unelected regulatory state. None.

[Crepitus]

If this rule is so vitally important you and that other megacorps guy should get together and start your own company. Make an ability to sue you easily the cornerstone of your business model. Go for it. If you and that other megacorps guy are right you will be billionaires before long.

Do you read and participate here?

If you did you would know who the other megacorps guy is. He is very confused. He believes we have one political party called the donkiephant. You guys would get along, I am certain.

And try not to lecture me. You are not all that good at it.
Thats not a lecture, it's an instruction.

[MisterVeritis]

You are not all that good at it.

Thats not a lecture, it's an instruction.
Either way, you are not good at it.

[Crepitus]

Well they passed it today, the best thing to happen to corporate bigwigs since golden parachutes. The legal equivalent of a get out of jail free card. They have essentially taken away our right to legal recourse against corporate entities that mistreat us.

It passed supported on a wave of greenbacks and pushed by a Wells Fargo attorney. Surprised?

https://theintercept.com/2017/10/24/after-day-of-feuding-jeff-flake-and-bob-corker-join-trump-to-upend-a-major-consumer-protection/