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Rootstrikers Blasts Newly Revealed Collusion Between Obama Administration and Big Banks on Financial Provisions in TPP

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 Cinnamon    24,653

FOIA documents reveal coordinated effort between Obama administration and Wall Street lobbyists to deliver unprecedented benefits for financial industry

WASHINGTON - Today, activist organization Rootstrikers criticized collusion revealed in new FOIA documents between US Trade Representative Michael Froman – formerly a high-paid Citigroup executive – and representatives of some of the largest financial institutions on Wall Street.
Amid rising public opposition to the Trans-Pacific Partnership (TPP) and precarious legislative prospects for the trade deal, the emails show for the first time:

Froman and a top Wall Street lobby shop directly coordinating efforts to lobby Congress in order to secure passage of “fast track” Trade Promotion Authority and push for passage of TPP.

Senior banking representatives successfully pushing Froman to deliver a dramatic expansion in banks’ abilities to challenge financial regulations in ISDS tribunals in TPP.

Froman asking a top Wall Street executive for advice on the shape of financial provisions in upcoming trade deals covering Europe and China, which experts believe pose a grave threat to financial regulations. 

“Wall Street knows it can get favors in closed door negotiations that could never survive the light of day in Congress,” said Kurt Walters, campaign director at Rootstrikers.“One thing has been consistent during Michael Froman’s frequent trips through the Wall Street-to-Washington revolving door: He's repeatedly used his official positions to deliver for his friends at the biggest banks on Wall Street.”
The group noted that Froman was instrumental in the 1999 repeal of Glass-Steagall as the Treasury Secretary’s chief of staff, a move many credit with contributing to the problem of Too Big To Fail.
In the emails, a lobbyist at Goldman Sachs, apparently Robert O’Connor, wrote:
“Good for the US if u can get tpa and tpp; will do what i can to assist. At some pt, after present rush, perhaps we can discuss some thoughts on how to better position ttip in europe and the US for your successor. Also, if i pick up useful intell from Hill calls, i'll try to relay. May be useful to be sure Matt N (former USTR congressional, now with me at GS) has a good contact in your office, since he will come to many of my Hill meetings. See you thurs, bob.” [sic]



I think we already knew this didn't we? 

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