Political Quotes

“Mr. President, it is obvious that in no other part of the American economy do we have people betting against their own product while selling it to the American people. You do not see Apple creating the iPod in the hope that sales will be far below expectations and then going out and betting some of its own money on the failure. No industry--none--thinks of betting against their own product while selling it to the American people. I do not even think that owners of racehorses bet against their own ponies. The kind of disclosure that Senator Brown and I have called for is fundamental for investment confidence in the integrity of the U.S. financial system. If financial firms can market products they are betting will fail without disclosing that to their clients, the conditions that caused the current financial crisis, in my view, will be recreated with Wall Street firms packaging up toxic assets and marketing them as securities to unsuspecting buyers. ``Buyer beware'' will again become ``taxpayer beware.'' That should not be acceptable to any Senator. I know colleagues are waiting to speak. I repeat, amendment No. 3982, authored by Senator Brown of Massachusetts and myself, will fill a loophole in this bill that is going to be passed tonight that, in my view, is a glaring omission that does not meet the test of the consumer protection the American people deserve.…”