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July 31, 2013

To Police Banks, Obama Spins Revolving Door To Bring In More Of Wall Street's Own

“This is the fifth in an 11-part series on the failed promises of the Dodd-Frank financial reform package and the continued, dangerous imbalances in our financial system.

“Like F.D.R. before him, when President Obama came into office he was confronted with a collapsing economy and a fragile banking system. Roosevelt’s answer to that challenge included as a top priority fixing the systemic problems on Wall Street that had caused the 1929 stock market crash and led to the Great Depression.

“President Obama, despite his promise of “change we can believe in,” concentrated only on stabilizing the financial system and supporting our major banks. To do this, he chose as his top financial advisors and regulators people whom he felt understood Wall Street investing and banking.”

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Read Ted Kaufman’s full Forbes op ed here

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