“Cromnibus” Put Taxpayers On Wall Street Hook for $9.7 Trillion
House oversight committee ranking member Elijah Cummings (D-Md.) and Sen. Elizabeth Warren (D-Mass.) have concluded after an almost year-long investigation that last year’s eleventh hour budget deal left taxpayers this year insuring Wall Street bets worth about $9.7 trillion. The two lawmakers said in a letter published Tuesday that their conclusion was based on estimates offered by two major financial regulators, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). Warren and Cummings noted, however, that an impact assessment… Keep Reading