[RP TownTalk] Md senator helps pass Telecom immunity

[cranky old coot]

If you want to get outraged how about todays Washington Post article on 
page A22, Lawmakers Move to Grant Banks Immunity Against Patent 
Lawsuit"  
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021303731.html?wpisrc=newsletter&wpisrc=newsletter&wpisrc=newsletter

This *could *well be a good example of "legislation has to do with 
protecting the corporate fat cats who buy political favors and access to 
Congress."  In this case a small company called DataTrasury has a valid 
patent for the method used by banks to digitally scan, send and archive 
checks. Seems that Bank of America, Wells Fargo, Wachovia and Citigroup 
have lawsuits pending alleging infringement of patent. Others, Merrill 
Lynch and J.P. Morgan Chase have licensed the technology. The proposed 
amendment would protect banks from these lawsuits.

Why should we care? Included in the proposed amendment protecting banks 
from patent lawsuits, saving them billions of dollars, is also a 
provision for the federal government to pay $1 billion to DataTreasury 
for 10 years as compensation for taking there property. That is $1 
billion of *your* tax dollars. 

As noted in the article banks process more than 40 billion checks a 
year. This amendment will save banks billions of dollars over the next 
10 years.

The second half of the Post article expands on the relationship between 
banks, lobbyists, lawmakers and campaign contribution. "Commercial banks 
are considered a potent force on Capitol Hill, in part because of their 
heavy contributions to lawmakers. They are the 10th-largest donor to 
federal candidates among the industry groups..."

This being tax season, THAT $1 billion comes close to causing my outrage.

COC

Robert Oppenheim wrote:
> Are you outraged