January 7, 2010 in Letters

Brake the banks

The Spokesman-Review

The 2001 changes in our federal government’s administration produced dysfunctional speed bumps in FEMA (Katrina) and FBI (Sept. 11, 2001) resource allocation.

Facing banking crises, the 2009 transition was comparatively seamless, so far. Previous Defense, Treasury and Federal Reserve officials were retained, providing some stability and payback for campaign contributions.

But why do these mainly Republican and perhaps one-third Democrat bedfellows, Wall Street, insurance, financial services and banking powers still have us in crisis?

Unfair, deceptive and conflicting financial and banking interests, mortgage-related losses and executive pay excesses still persist.

In 1984, I lawyered simple state consumer protection laws to enjoin unfair and deceptive acts in financial issues involving mortgage and retirement fraud in Spokane.

Federal pre-emption was an obstacle to be avoided in both lawsuits. So many federal regulations are made toothless by special interest lobbyists.

My clients won both civil causes against corporate big britches, on the facts.

The local multiservice insurance, real estate mortgage banking defendant was restructured. The national multimedia defendant restructured its employee financial retirement plan. No, I’m not a rich trial lawyer.

Let’s stand and fight the bankers, fix just what is broken, reregulate with Sens. Cantwell and McCain, and without special exception, please.

Duane Schofield

Cusick, Wash.

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