TISA: Secret Agreement Further Deregulates Wall Street

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Thanks to Wikileaks the world now knows about the Trade in Services Agreement (TISA). The agreement was so secret that it was not only meant to be kept from the people of the participating countries during negotiations but for five years after going into effect. TISA is perhaps the most anti-transparent trade agreement ever proposed with Professor Jane Kelsey of the University of Auckland calling the agreement a reversal of the trend for disclosure in international agreements.

Part of TISA involves further deregulating finance capital and will, according to former financial fraud investigator Professor William Black, lead to more financial crimes that threaten the overall economy. Black claims TISA is ” designed to replicate, indeed, optimize the criminogenic environment that made fraudulent financial CEOs wealthy by ‘looting’ ‘their’ banks.” As the old saying goes the best way to rob a bank is to own one.

So while Wall Street’s soldiers at the Financial Services Roundtable fight tooth and nail in Washington to dampen rules preventing fraud and theft, Wall Street’s apparatchiks within the Obama Administration are negotiating in secret to gut Dodd-Frank via trade agreement.

Obama’s draft is designed to make it far more difficult for competent regulators to respond rapidly to a developing crisis and contain it as was done during the S&L debacle and during the surge of “liar’s” loans in 1990-1991 before it cause any crisis. The goal is to prevent a group of regulators from emulating our successful reregulation of the S&L industry and obtaining over 1,000 felony convictions in cases designated as “major” by the Department of Justice (DOJ). To obtain that result we made over 30,000 criminal referrals. In the current crisis, the anti-regulators who de-supervised banks made, at best, a handful of criminal referrals and the result is that six years after the collapse of the financial system not a single senior banker who led the three most destructive financial fraud epidemics in history has been prosecuted by DOJ.

Just remember the Obama Administration is the “most transparent in history” even when it negotiates in secret to allow Wall Street to wreck the economy again and will not even tell the public about the agreement until five years after it has gone into effect.

Transparency and the rule of law, hope and change.

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