From the New Hampshire Democratic Party:
New Videos Show Sununu's History Opposing Wall Street Oversight
For twelve years in Washington, Sununu has fought oversight that may have prevented the current financial meltdown
And more from the New Hampshire Democratic Party:
(Manchester, NH) - Today, the New Hampshire Democratic Party unveiled two videos of John Sununu discussing his opposition to Wall Street oversight. The videos show that Sununu's philosophy is to oppose Wall Street oversight, and he has spent twelve years in Washington fighting oversight and supporting measures that paved the way to the current financial crisis.
"For twelve years in Washington, John Sununu has given Wall Street everything it wanted, and now we're seeing the terrible results of his record as middle class families are losing their homes and our entire financial system is in crisis," said Kathy Sullivan, senior adviser to the New Hampshire Democratic Party. "Two years ago, Sununu said there was no problem with regulation of credit rating agencies, and today we see that they were key players in this financial meltdown. John Sununu has supported George Bush's entire economic agenda, he has fought Wall Street oversight, and now we're seeing the consequences. We need a new direction on the economy, and that means we need a new senator."
The videos can be viewed at: http://www.stopsununu.com/...
In addition to his rhetoric opposing Wall Street oversight, John Sununu has cast key votes that have helped cause the financial crisis.
John Sununu Opposed Cracking Down on Predatory Lending. Sununu voted against an amendment to crack down on predatory mortgages by prohibiting high cost mortgage lenders from collecting on claims in bankruptcy if they had violated the Truth in Lending Law. [Senate Vote #22, 3/3/05]
John Sununu Voted For the Financial Modernization Act. The Washington Post recently reported that the Financial Modernization Act "helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments." [House Vote #276, 7/1/99; WaPo, 9/17/08]
John Sununu Voted For the Commodity Futures Modernization Act. The CFMA explicitly exempted credit default swaps from any oversight whatsoever. Time Magazine recently reported that "A meltdown in the credit default swap market has potentially even wider ramifications nationwide than the subprime crisis." [Time, 3/17/08; House Vote #603, 12/15/00]
Just yesterday, Bush-appointed SEC Chairman Chris Cox pointed to the credit default swap market as a "cause for great concern" and urged Congress to provide "in statute the authority to regulate these products...." [Testimony of Christopher Cox before the Senate Banking Committee, 9/23/08]
See the videos of John Sununu discussing his opposition to Wall Street oversight at: http://www.stopsununu.com/...