"Congressman Toomey pioneered the use of derivatives, including the risky "credit default swaps" that are blamed for the current economic situation. In a 2003 video on the House floor, he lavished praise on derivatives, calling them "perhaps the most important, creative and innovative development in finance in the last 30 years." [Morning Call, 8/17/10]
Credit Default Swap v. Jobs- “The financial markets have lost trillions of dollars in value…” “This is a job market that just won’t quit," said Becky Frankiewicz, president of the ManpowerGroup North America…empowered worker is still calling the shots.”
MORE AT:
The Washington Post
Employers added 528,000 jobs in July more than doubling expectations
The labor market has been a pillar of strength for an economy dealing with surging inflation
"Congressman Toomey spent years working on Wall Street, where he "developed and managed a $21 billion derivatives trading operation for Morgan Grenfell Finance, Inc." [Pittsburgh Post-Gazette, 4/13/2009]
Congressman Toomey referred to his experience at Morgan Grenfell as a "serious derivatives operation" and said he was "dealing in various currencies, all kinds of interest rate and currency-related derivatives-options, swaps, forwards and so on." [Derivatives Strategy, May 1999]
Congressman Toomey pioneered the use of derivatives, including the risky "credit default swaps" that are blamed for the current economic situation. In a 2003 video on the House floor, he lavished praise on derivatives, calling them "perhaps the most important, creative and innovative development in finance in the last 30 years." [Morning Call, 8/17/10]
Congressman Toomey helped write the legislation that broke down the wall between commercial banks and investment firms, allowing commercial banks - where the majority of Americans go to protect their savings - to engage in the risky activities previously limited to investment banks. [HR 10 Gramm-Leach-Bliley/Financial Services Modernization Act, enacted 11/12/99; House of Representatives Biography, U.S. Representative Patrick J. Toomey]
Congressman Toomey voted for legislation which deregulated derivative trading and allowed Wall Street firms to increase the kind of risk-taking which led to the economic crisis. [Commodities Futures Modernization Act, HR 4541, House Vote 540, 10/19/00]
Congressman Toomey voted to privatize Social Security and proposed creating risky private accounts, which would put the welfare of 20 million seniors in jeopardy, while creating a windfall for Wall Street. [HR 2590, 7/25/01, House Vote 273; Morning Call, 4/25/2003; Center on Budget and Policy Priorities, 8/11/2010; The Century Foundation on Social Security, 12/14/04]
Congressman Toomey served as President of the conservative Club for Growth from the time he left Congress in 2005 until he began his run for the Senate. [Politico, 8/27/10]
As President of Club for Growth, Toomey earned $1.6 million in salary and bonuses. [2005-2008 Club for Growth 990 Form; Morning Call,5/27/09 ]
"The Washington-based Club [for Growth], established in 1999, mounts lobbying and public-education campaigns but is best known for its political-action committee, which directs money to Republican candidates." [Wall Street Journal, 5/19/09]"
FROM:
Veterans gathered at the Capital to celebrate the passage of the PACT ACT. Instead, at the direction of Senator Toomey as revenge for tricking Mitch McConnell, Republicans killed the PACT ACT. Senator Toomey is indirectly responsible for the suicides of 2 veterans who killed themselves after Toomey directed Republicans to vote down the PACT ACT.
Idaho Sun
U.S. Senate fails to advance burn pits bill for veterans in dispute over spending
Legislation has been bogged down for nearly two months as lawmakers debate amendments
BY: JENNIFER SHUTT - JULY 27, 2022 6:06 PM
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