Saturday, May 15, 2010

As BP creates monument to "free trade," Empire's concern is Glass-Steagall

The president’s admission of a breakdown in government procedures comes amid reports that federal regulators were lax in oversight and issuing permits for drilling in the Gulf. He slammed the “cozy relationship” oil companies have with the Minerals Management Services, and said the Interior Department will embark on a “top-to-bottom reform” of the agency and conduct a review of the environmental procedures for drilling.

(I guess Congress has been too busy fighting "global warming" to worry about regulations on oil wells on the ocean floor.)

[An official of the British Finance Ministry] informed me, that any move in the United States to re-adopt a Glass-Steagall framework would, in fact, be viewed as a hostile act by Great Britain and by the nations of Europe.... He went so far as to say that someone from the British Foreign Office would be contacting their counterpart in the U.S. State Department to make this position clear.