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April 15, 2009

William Black is back. This time he is interviewed in Barrons, the elite publication read by Wall St insiders and the Ruling Class. This article, The Lessons of the Savings-and-Loan Crisis , is going to stir some serious mierda.

So you are saying Democrats as well as Republicans share the blame? No one can claim the high ground?

We have failed bankers giving advice to failed regulators on how to deal with failed assets. How can it result in anything but failure? If they are going to get any truthful investigation, the Democrats picked the wrong financial team. Tim Geithner, the current Secretary of the Treasury, and Larry Summers, chairman of the National Economic Council, were important architects of the problems. Geithner especially represents a failed regulator, having presided over the bailouts of major New York banks.

So you aren’t a fan of the recently announced plan for the government to back private purchases of the toxic assets?

It is worse than a lie. Geithner has appropriated the language of his critics and of the forthright to support dishonesty. That is what’s so appalling — numbering himself among those who convey tough medicine when he is really pandering to the interests of a select group of banks who are on a first-name basis with Washington politicians.

The current law mandates prompt corrective action, which means speedy resolution of insolvencies. He is flouting the law, in naked violation, in order to pursue the kind of favoritism that the law was designed to prevent. He has introduced the concept of capital insurance, essentially turning the U.S. taxpayer into the sucker who is going to pay for everything. He chose this path because he knew Congress would never authorize a bailout based on crony capitalism.

Then he is asked to summarize the problem in a nutshell. The people who read this are not going to be the typical Bill Moyers audience. They are not going to be liberal bloggers. They are going to be people who traffic in financials. This is a BUST for Geithner.

Summarize the problem as best you can for Barron’s readers.

With most of America’s biggest banks insolvent, you have, in essence, a multitrillion dollar cover-up by publicly traded entities, which amounts to felony securities fraud on a massive scale.

These firms will ultimately have to be forced into receivership, the management and boards stripped of office, title, and compensation. First there needs to be a clearing of the air — a Pecora-style fact-finding mission conducted without fear or favor. [Ferdinand Pecora was an assistant district attorney from New York who investigated Wall Street practices in the 1930s.] Then, we need to gear up to pursue criminal cases. Two years after the market collapsed, the Federal Bureau of Investigation has one-fourth of the resources that the agency used during the savings-and-loan crisis. And the current crisis is 10 times as large.

There need to be major task forces set up, like there were in the thrift crisis. Right now, things don’t look good. We are using taxpayer money via AIG to secretly bail out European banks like Société Générale, Deutsche Bank, and UBS — and even our own Goldman Sachs. To me, the single most obscene act of this scandal has been providing billions in taxpayer money via AIG to secretly bail out UBS in Switzerland, while we were simultaneously prosecuting the bank for tax fraud. The second most obscene: Goldman receiving almost $13 billion in AIG counterparty payments after advising Geithner, president of the New York Fed, and then-Treasury Secretary Henry Paulson, former Goldman Sachs honcho, on the AIG government takeover — and also receiving government bailout loans.

There is further discussion of this piece here.

Also see this article: Goldman Sachs’s Viniar ‘Mystified’ by Interest in AIG and this analysis of it at naked capitalism.

I have to catch zzz’s now, but will update further later.

32 Comments leave one →
  1. Stemella permalink*
    April 15, 2009 1:21 am

    One more The Banksters Take A Page From Enron all about “Turbo Timmy”

    Tragedy is turning into farce as the real intent of the bank rescue plan becomes apparent. Geithner and the banksters have adopted the playbook of a true fraud-and-deceit all-star: Enron.

    No matter how cynical you get, it’s impossible to keep up.

    – Lily Tomlin

    Somewhere along the continuum, there is a point at which tragedy turns into farce. I’m starting to think we may have passed that point with this whole TARP/TALF fiasco.

    From a comedy perspective, Turbo Timmy and his madcap schemes are the gift that keeps on giving. We’re scaling the heights of utter absurdity now… it’s like a Kurt Vonnegut novel come to life.


    I bring up Enron in light of new revelations that propel this whole rescue plan debacle to new heights of criminality and avarice.. Feast your eyes on this tidbit from a recent Financial Times piece, “Bail-out banks eye toxic asset buys”:

    US banks that have received government aid, including Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase, are considering buying toxic assets to be sold by rivals [emphasis mine] under the Treasury’s $1,000bn (£680bn) plan to revive the financial system.

    Spencer Bachus, the top Republican on the House financial services committee, vowed after being told of the plans by the FT to introduce legislation to stop financial institutions ”gaming the system to reap taxpayer-subsidised windfalls.”

    Mr. Bachus added it would mark ”a new level of absurdity” if financial institutions were ”colluding to swap assets at inflated prices using taxpayers’ dollars.”

    “Death Star” my foot… If this true, it makes the Enron chicanery of days past look positively Ewok-scaled in comparison.

    And most likely it is true… a few weeks prior to the FT exclusive, the New York Post reported that Citigroup and Bank of America had already begun using TARP funds – billions given to them by the government that they were supposed to use to make loans – to instead “aggressively scoop up” more of the very toxic assets that blew them up in the first place.

  2. Stemella permalink*
    April 15, 2009 7:03 am

    Here’s one to freak the shit out of Byron: Amazons! Ants inhabit ‘world without sex’

    An Amazonian ant has dispensed with sex and developed into an all-female species, researchers have found.

    The ants reproduce via cloning – the queen ants copy themselves to produce genetically identical daughters.

    This species – the first ever to be shown to reproduce entirely without sex – cultivates a garden of fungus, which also reproduces asexually.

    The finding of the ants’ “world without sex” is published in the journal Proceedings of the Royal Society B.

    • cometman permalink*
      April 15, 2009 8:47 am

      No shit! This reminds me of a sci fi book by Stephen Baxter called Coalescent that I read last year. It discusses a secret society of women who have sequestered themselves to the point where they evolve separately from the rest of humanity to become basically a hive mind rather than individuals. Really good read. Baxter also has wrote the Manifold series where he uses genetically engineered super intelligent cephalopods as characters.

      Speaking of which, I finished The Algebraist which I mentioned earlier and it was one of the best I’ve read in a while. Lots of cool sci fi stuff, alludes to a lot of current political events, and makes a nice argument for rationality and reason.

      • Stemella permalink*
        April 15, 2009 9:00 am

        There was a period of my life where I had no electicity or television, but had access to an enormous library of paper back sci-fi books that had been accumulated and passed around by several families. I spent whole winters reading many of them, by oil lamp and candle at night. It was a fantastic way to travel and explore when my physical circumstances had me contained.

        I’m afraid if I get back into the genre I may disappear again! But I will take the risk and look for that book today. Thanks for the reminder.

        Also thanks for what you are doing over at FSZ. I don’t know what will happen there, it seems much has been lost, but I appreciate the stand you are taking and the history you are trying to tell there amidst all the swirling madness. I hope it doesn’t wear you out.

        • cometman permalink*
          April 15, 2009 9:52 am

          If you pick up the Algebraist, try to find the one with the squiddy things on the cover. If you do a google image search for the title you’ll see there are a few different covers but you’ll see the one I’m talking about.

          I don’t think FSZ or any other site that tries to be like it will ever amount to anything constructive. Because those who for whatever perverse reason enjoy ruining things will always show up. Jack has bent over backwards to accommodate everyone and still the whackjobs whine. I’ve actually had quite a bit of fun throwing some elbows in the last couple days I have to say. But I’m pretty much worn out with it. There’s only so many times I can try to set the record straight at least as far as the events I know about and then have some idiot deliberately come in and try to rewrite things that they know are simply false. Funny how so many seem to think Jack wasn’t kidding with his little joke but yet they’ll come out and say that when byron calls for bannings he’s just being ironic to prove a point or shining a mirror on everyone and that he isn’t serious even though he said he was several times. Who the hell are they to decide? I don’t know what everybody’s intent is but I’m sick and tired of the whackjobs sucking up all the oxygen and then having people I thought were pretty reasonable come out in their defense while people like sabrina and alec and others who tried to write constructive posts take a hike and nobody seems to care. The guy has a little fun and to see the reactions of some, you’d think it was the biggest catastrophe in the world even as the economy collapses and wars rage on. And all the hand wringing about vox, who’s so concerned about free speech and fairness in the ‘rules’ that he’s posting away at Klub Kumquat where of course nobody is ever banned unfairly and the rules are always applied equally. Xrist! Lost a lot of respect for him.

          I think we can do some good stuff here and I don’t mind that only a few people contribute so far so if I have anything constructive to say I’ll do it here as long as FSZ stays the way it is. I feel bad for jack because I know he has tried hard and got nothing but shit for it from a bunch of clowns too lazy to simply start their own site. But they don’t want to start their own sites – they want to wreck other people’s.

          Anyway, enough with the meta from me anyway. I don’t want to clutter this place up too much with it. there are far more important thinks to learn and talk about.

          • triv33 permalink
            April 15, 2009 10:33 am

            I liked the free flowing ideas I was able to read there. I liked being able to talk about books, sci-fi and movies in a way that just wasn’t possible at the big orange. And I’m quite the opposite of what you described of some people’s behavior online(well, since I started to participate online again after a long break). I’m really far more rude in real life. I know online that people don’t know me, can’t see my face, hear the inflection of my voice and maybe don’t get my sense of humor. I’m starting to worry a lot less about that now over there. I’m hoping things settle down, but who knows.

            • cometman permalink*
              April 15, 2009 10:44 am

              Well I’m glad to have you posting here. And BTW, do you read a lot of sci fi too besides watching shows? Because if you have any book recommendations I’d love to hear them. Just finished the book I mentioned above and I’m working on a real science book called Warped Passages right now which talks about string theory, particle physics, extra dimensions etc. I like to alternate between reading science and then some sci fi that incorporates it in the stories. But right now I don’t have any more sci fi books in my stack and I’m not sure what to go pick up next yet.

              • triv33 permalink
                April 15, 2009 11:08 am

                I used to read a lot of it when I was young. I go through stages. I just got through a little stage of horror, when I finished Drood, which was almost a companion piece to The Terror by Dan Simmons, but written in a completely different style. If you like sci-fi, you know Simmons is a pretty good writer. I’d recommend Carrion Comfort by him. It’s one of his early works, but I liked it. You’ll have to get it at a library, or wait until November when it’s set for re-release. It’s classified horror/sci-fi.

                • cometman permalink*
                  April 15, 2009 1:29 pm

                  Thanks. I read all Simmons’ Hyperion books not too long ago. All 4 of them. First one was tremendous, and the second really good. The last two not so much. I did see a review of Drood somewhere recently and it sounded really good. Thanks for the suggestion.

          • Stemella permalink*
            April 15, 2009 11:03 am

            I found a used copy with the squiddlys at Powells and it’s on the way!

            I agree with what you’ve said, and have felt that way for quite a while, since the Quixote phase, actually. Not everybody has the same perspective on what is the best course for the common good, even when they think the common good, or in this case, the idea of free speech on a soapblox blog, is the Dulcenea they are defending. I’m sure my perspective can be judged the same way by others.
            In the end, I choose to spend my energies on different battles, but hope to still to post there in time and enjoy the many good and interesting people.

            Meanwhile, I’m kind of freaking out as I watch a local news feed while I work, of one of those Teabag parties taking place at this very moment in my very own city. Talk about whiteysphere! I reckon maybe 1000 people, all white (which my city definitely isn’t), and median age of 60 from what I can tell. They are listening to Ted Nugent, Lynard Skynard and Aerosmith during their breaks. Now these folks are some whackjobs for reals! Hardcore militant libertarians and wingnuts, co-opting the language of the Deaniacs to “take back the country.”

            Oh my cephalopod! One guy just got on stage and said the socialist in the White House was a Whackjob and his supporters, terrorists!! I shit you not. hah! Others are wearing t-shirts saying “stamp out tyranny” If there were youngsters in their crowd I might be more concerned. These are old farts waving their flags around! Don’t see any teabagging amongst them, thank goodness!

            • triv33 permalink
              April 15, 2009 11:16 am

              Oh, I’ve been warring with one of them in the comments section of my local paper. I strung him along until he admitted he was a corporatist and then I yanked out the Mussolini quote. The irony was completely lost on this fella. I stay totally polite while he loses his shit. He suggests I read Friedman and Levin. I say, “What makes you think I haven’t and just disagree?” What a wanker.

              • cometman permalink*
                April 15, 2009 5:32 pm

                Ha! It isn’t hard to dazzle these idiots with the actual truth. Watching some of this teabagging nonsense on the news and it seems they fear we’re heading down the road to socialism. Oh no!!!! Maybe somebody ought to tell them how the fire department works. Seems like a lot of this is being ginned up by Fox and the RNC. It’s as if they heard some idiot pundit say socialism is bad and they go out repeating it like a bunch of monkeys without even understandig what the word means.

            • cometman permalink*
              April 15, 2009 1:36 pm

              Have to say I haven’t been paying much attention to these teabaggers at all just because they sound so clueless and ridiculous. They don’t seem to understand the concept of socialism at all. I wish we’d get socialized medicine but we aren’t. And this bailout may be a theft of epic proportions, but socialism it ain’t. I’d really like to see people criticize Obama for legitimate reasons, because he definitely deserves it. But this stuff is just dumb. And as we continue to cut education, people are going to get even dumber.

              The scary thing is that these people are so mad and they’re getting organized. Why the hell is it the rightwingers that always do this? Meanwhile the left still wants to give Obama a chance and sits idly by as their money is handed to a bunch of criminals and wars rage on and even escalated. He can break every big promise he made to the left and they do nothing, at least not on the scale these teabaggers seem to have going.

              • triv33 permalink
                April 15, 2009 3:50 pm

                I tried to explain to this guy about the manufacturing drain and union busting that started under Reagan, how the Randians were wrong, and laissez-faire bullshit is failing badly. I sez, if the markets were supposed to correct themselves, why’d they all come a runnin’ for the bail-out? He’s screaming bloody murder over Dodd and Frank with nary a word for Graham or his buds. I said, look, pal, at least I can see plenty of blame on both sides, you’re so married to you’re failed ideology you can’t see anything else. The whole time calling people drones and parasites and just being totally derisive of anybody or anything that was not to his liking. Telling me I should study this or look up that, all of it from heritage or cato. I told him not to assume I hadn’t, but that I really didn’t need to as I had lived it. I used to make things. I was a sewing machine operator, a damn good job at the time. I made shoes, drapes, cashmere sweaters, medical fabrics and ladies suits. Each of those jobs went bye bye. You know where you see sewing machine operators now? Watch Law & Order, if they’re looking for an illegal alien they might go looking in a sweatshop. Then I packaged crap that other people made. That job went away too. Then I was in the service industry. Barmaid and frycook. I was a lousy bartender but it really didn’t matter, it was a shots and beer kind of joint. I make a mean cheesesteak, tho.
                These fools don’t even realize they’re rabble rousing over something they don’t begin to understand. I told him to go find a tea party to attend, that it wasn’t really a grassroots effort, it wouldn’t change anything and that it was a waste of his time and his tea, but live it up.

            • cometman permalink*
              April 15, 2009 2:59 pm

              And in the ” I don’t think that word means what you think it means” department, Anderson Cooper weighs in on teabagging:

              Speaking of the political landscape on CNN today, commentator David Gergen spoke about disarray in the Republican Party, noting a survey that shows Obama with high trust among voters. “They have not yet come up with a compelling alternative, one that’s gained popular recognition,” he said.

              “Tea-bagging, they’ve got teabagging,” Cooper interjected.

              It’s hard to talk when you’re teabagging,” he later added.

              • triv33 permalink
                April 15, 2009 3:29 pm


          • triv33 permalink
            April 15, 2009 7:13 pm

            Well, melvin just posted FSZ’s obit over at the G.O.S. ! I thought the patient still had a pulse…

            • Stemella permalink*
              April 15, 2009 7:42 pm

              That’s really heartbreaking and kind of revolting that DickHead jumped in to gloat at the top. Always a fucker, that one.

              Melvin has the most amazing insights and wit. He has made me laugh out loud at fsz many, many times and enlightened with his love of mother nature and her creatures wild. I sadly have to agree with him, though. Fences have been erected and lines have been crossed and there’s no going back to the sense of comraderie that once was. I don’t agree when he says this, though:

              “None of it fucking ever mattered.”

              It mattered, the people and brief connections mattered even though it all shattered. There was something there for a time that was pretty spectacular. It is in the end, ephemeral, just like all that we do here on the blahgosphere.

              I’ll have to start reading his work elsewhere, even though the banter won’t ever be quite the same as it was in its prime.

              • cometman permalink*
                April 15, 2009 8:02 pm

                I’ve been stopping by Miss Devore’s site a little bit and invited both her and melvin to stop by here.

                I do think it mattered too. There were a couple of occasions at Pff and FSZ, although they were pretty fleeting, when I think there was a lot of genuinely good content on a consistent basis plus it was fun at the same time. I really thought Pff was getting good right before it went down when people were covering the Russia/Georgia conflict and the I/P stuff that was going on at the time. Am I remembering that right? That was near the end of Pff I think.

                And of course, I caught heat for supposedly bringing in people that wanted to talk about actual issues even though I’d never heard of some of them before they showed up, as if the constructive political talk at a site called POLITICAL fleshfeast were somehow muscling in on the stupidity they’d have rather seen 24/7. Dtale was the one constantly harping on that, accusing me of recruiting that Gatto guy even though I’d never heard of him. It wasn’t lost on me that as soon as FSZ opened, some asshole had to screw with the guy’s username to the point he didn’t want to post anymore.

                Anyhoo, don’t know if you’re working on anything right now, but I have a new post I’m going to try to put up so don’t feel the need to make a new one if you don’t want to. Or if you’ve got one too, the more the merrier.

                • Stemella permalink*
                  April 15, 2009 8:27 pm

                  Excellent, go ahead and post yours. I need to make myself scarce again for a bit for work purposes, so I appreciate you’ve got something. All this meta has made me procrastinate too much!! The stuff is like drugs, man.

                  As to the worthiness of the sites, yes we were focusing on Georgia and Russia just before peeder yanked pff. Quite a few people were participating in those threads. There was for that time a really nice balance between all the various interests whether politics, Kostapo meta, creative stuff from the likes of Yetimonk and the usual theater of the simians. There were fights to be sure, but a balance always resumed. I’ll never forget some of those long conversations with you, Sabrina, Susan, Miss D and others. That to me was the peak of this thing called blogging. Who knows, perhaps that kind of thing can evolve again with time and interest.

                  Thanks for inviting those two over. I’ve seen Miss D a couple of times, which made me smile. I’ll stop by there too to say hello.

              • triv33 permalink
                April 15, 2009 8:26 pm

                I was just about to go in there and tell him some of it did matter. Some of it did.

                • triv33 permalink
                  April 15, 2009 8:31 pm

                  Well, I just did. I probably opened my cowardly ass up to some shit , but what the hell.

                  • Stemella permalink*
                    April 15, 2009 8:43 pm

                    Good of you to do that. If ever there was a time for the user “my scrotum is safely in your hands” to show up to give a talking to the ugoglies there it would be now. I think that one was banded though quite some time ago.

                    I think they actually may be cheering Melvin up! Mel, if you are reading… Remember the Scrotum HAH!!

                    • triv33 permalink
                      April 15, 2009 8:49 pm

                      Oh, I hate the way this is going. B.B. DH, trashy, taylormattd, all there and full of glee.

  3. Stemella permalink*
    April 15, 2009 7:36 am

    More signs of the times…

    Harvard College’s Faculty to Cut Budget 19 Percent in 2 Years

    Harvard University’s Faculty of Arts and Sciences, the teaching body for most undergraduate classes at Harvard College, will slice $220 million from its budget over the next two years because of endowment losses.

    The faculty will form six working groups composed of teachers, staff and students to help determine which programs to trim because of the 19 percent cut, said Michael Smith, Dean of the Faculty of Arts and Sciences, in a talk with teachers and staff yesterday. The faculty, which also includes Harvard’s engineering, continuing education and graduate arts and sciences units, has a budget of about $1.15 billion.

    Investment losses that are expected to slash the value of Harvard University’s endowment by 30 percent are demanding that cuts be made in the school’s academic programs, Smith said. The working groups will be charged with finding ways to make those reductions, he said.

    This is not a unique problem. This is a problem most Universities around the country now face with State budget shortfalls and endowments that played the market too riskily. In the case of Harvard it was Larry Summers who set up the risky business when he was Prez. I posted an article recently about a whistleblower who called him on it, and was summarily fired for it.

    The long term effects will be devastating to research and development in this country. If Obama wanted to do some long term good he’d funnel shit loads of money into Research at Universities, far more than the crumbs he is tossing now.

    He also should be hiring or funding hiring of armies of legitimate accountants to spread across the scumlands of Wall St and corporate HQ’s nationwide to start bleaching the shit out of the rot.

    Where is the legislation and it’s enforcement? Where is the transparency? Where is the goddamned sunlight?

    • cometman permalink*
      April 15, 2009 8:52 am

      So the Arts and Sciences are slashed. How about the business school whose graduates were responsible for the need to slash budgets in the first place? At zapperz’s physics website he/she has been talking about universities gutting their physics programs recently and the fights going on to try to save them. if you look around a bit, you’ll find several posts about programs being slashed, cut completely or dumbed down.

      Sometimes it seems like a concerted effort to create a nation of sheep.

  4. Stemella permalink*
    April 15, 2009 7:52 am

    Lessons from Thailand

    Anarchy in Streets Builds When GDP Isn’t Shared

    It’s easy to dismiss protesters wreaking havoc in Thailand as misinformed anarchists.

    They don’t understand the wonders of globalization, you may be thinking. If only they had more reverence for the splendor of capitalism. If only true democracy were able to work its magic in Asia’s eighth-biggest economy.

    If only any of these assumptions got at the crux of Thailand’s crisis. The problem is the “Cult of GDP.” An obsession with high growth rates and failure to use them to narrow the gap between rich and poor are graphically playing out on Thailand’s streets. People are angry, and rightfully so.

    It’s a far bigger risk than governments and investors realize, and it may be with Asia for a long time. The region didn’t use the fat years of the early-to-mid 2000s to spread the benefits of 6 percent or 8 percent growth. Now, the global financial crisis, political tensions and widespread discontent are fusing together.

    Their class war has spilled to the streets and their government is weak. Their institutions are weak. This could potentially spill into other lesser developed countries in Asia where there has been much exploitation in pursuit of the mighty profit margin.

    One problem is weak institutions. A more independent judiciary, central bank, media and freer watchdog groups to weed out corruption would serve Thailand well. Yet there’s an even bigger problem: high growth rates haven’t enriched enough Thais on a consistent basis over the last decade.

    Big increases in gross domestic product get headlines and cheer investors. All too often, though, they are used to conceal poverty and widening rich-poor divides. Thailand’s recent experience suggests those strains are bubbling to the surface as rarely before.

    That should be a warning to governments in Asia and to investors, too. It’s one thing to spread the gospel of rapid GDP. It’s quite another to deliver by divvying up its spoils. It’s time for Asia to practice what it preaches.

    The same could be said of the USA.

    It can, after all, happen here.

  5. Stemella permalink*
    April 15, 2009 9:32 am

    Speaking of science fiction, this is now real and is incredible: The Allosphere -“an entirely new way to see and interpret scientific data, in full color and surround sound inside a massive metal sphere. Dive into the brain, feel electron spin, hear the music of the elements …” It is full surround virtual reality to combine mathematics, scientifica data, music and art and collaborations of all these things

    Here is a lecture by its creator JoAnn Kuchera-Morin: Tour the AlloSphere, a stunning new way to see scientific data

    and here’s the website for the Research Center at UCSB: The AlloSphere

    • cometman permalink*
      April 15, 2009 5:47 pm

      That is really cool. One of the hardest things about science is visualizing things you can’t see, which even a lot of scientists admit to. Mathematics can give you a description of things but actually being able to see them might lead to some pretty astounding insights. Maybe they could do the inside of a black hole!

      Wonder if there’d ever be a way to make this work for higher dimensional objects. Hypercubes and tesseracts oh my!

      • Stemella permalink*
        April 15, 2009 7:47 pm

        Hah! I thought you’d like that. I love that you can not only see it, but you can hear it too!

        I’ll be keeping track of that Center because that is where I think our future lies, in multiple collaborations between multiple disciplines. This kind of thing really does open the doors of perception without having to ingest something to open them. I imagine great things will come out of this technology.

  6. cometman permalink*
    April 15, 2009 2:43 pm

    I liked this from the Black article:

    It is like Gresham’s law: Bad money drives out the good. Well, bad behavior drives out good behavior, without good enforcement.

    I can think of of a few other areas besides banking where that applies ;)

    I also like the fact that he is pushing the criminal aspect of this whole fiasco. It isn’t being mentioned much if at all. Hopefully somebody will start to listen but i don’t see how much will happen when as he says members of both parties who would be the ones to authorize any investigations are so complicit in it all.

    • Stemella permalink*
      April 15, 2009 4:13 pm

      Regarding the criminal aspect, I suspect as with so much government wrongdoing, the grand TARP heist will nab a few lower level so called bad apples. I don’t think the masterminds and enablers at the top like Paulson, Geithner, Summers and KashnCarry will be touchable. A few CEO’s might lose some jobs with huge bonuses and salaries to keep quiet. There are too many on the take in Congress as you mention.

      If we only had someone to follow the money like the Woodword and Bernstein of yore and with a Deep Throat’s help. Keep an eye on a few like Taibbi at Rolling Stone and some of these econ analysts we’ve been following. There is a blood lust for AIG and GoldSux upon which journalistic careers could be made if the truth was uncovered and laws enforced. Still, the honchos will be protected as are the crooks in the Bush Administration.

      There’s been a lot of bad behavior at so many levels. I don’ t know how that gets fixed in a whole broken and corrupt national system when we can’t even figure out how to deal with a handful of it on a small blog.

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