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January 8, 2015 By Richard Bowen

Who Owns Congress?

The recent efforts from Citi and the banking establishment to repeal key provisions of the Dodd- Frank reform bill and the furor it is causing may have some positive effect. The public is getting more insight into how the Too Big To Fail banks are writing the rules. According to Scott Burns, Dallas Morning news columnist, “The passage of the Omnibus spending bill guaranteed hyperinflation for the cost of political influence. It also guaranteed the end of Abraham Lincoln’s ‘government of the people, by the people, for the people”. 

Who Owns Congress?
Source: Wikimedia, Author: noclip

Burns comments, that “we now have a government of the lobbies, by the lobbies and for the lobbies, a government funded by the entities with the biggest checkbooks. Citigroup has written a bill that erodes our very foundations. In 2014, Citigroups political action committee contributed $804,000 to congressional campaigns. 34 of the 57 Democrats who voted for this recent bill had received money from their PAC at some point since 2010”. These changes allow for political contributions that could be ten times larger.

In a recent post I talked about Senator Elizabeth Warren, D- Mass, and what she terms the “Wall Street Giveaway”. Warren stated, “This Congress can’t be here to say what we can do to improve the profitability of half a dozen of large institutions and shove all the risk off to the American people again”. “This Congress has to stand for a little more safety and security in our financial system”. She’s right and it took this long for voices like hers to start speaking up!

I applaud her and others in Congress who are saying enough is enough and only wish the voice could be even louder and more vehement. Citigroup’s subversion is getting pushback and it’s about time. The Omnibus as written by Citi and their coterie of Too Big To Fail banks poses a grave danger to our economy and our democracy.

The rider will support even more lobbying; increasing the amount of money individuals can contribute to national party committees from a current $97.000 a year to over $777,000. While some think raising the cap for donations to parties will help tilt power back to the parties themselves and away from the super PACs, others are extremely leery. Campaign finance reform advocate, Fred Wertheimer says,” If this passes it will be the most corrupting campaign finance provisions ever enacted”.

I applaud her and others in Congress who are saying enough is enough and only wish the voice could be even louder and more vehement. Citigroup’s subversion is getting pushback and it’s about time. The Omnibus as written by Citi poses a grave danger to our economy and our democracy.

Is Citi the next AIG… ?
How Wall Street Foils Truth, Trust, Transparency and Democracy
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Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

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What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59-05:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19-06:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26-06:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17-06:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06-06:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50-06:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22-06:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

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Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

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