Bill Moyers interviews Bill Black, a former regulator involved in the liquidation of the S&L’s. Hat tip Option ARMegeddon. Mr. Black details how liars’ loans were used to defraud as regulators never examined loan files under the Bush administration. The recent attempts to cover up the banking problems by Geithner and company is one focus of his attention:
“Geithner is…covering up. Just like Paulson did before him. Geithner is publicly saying that it’s going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they’re allowing all the banks to report that they’re not only solvent, but fully capitalized. Both statements can’t be true. It can’t be that they need $2 trillion, because they have massive losses, and that they’re fine.”
There is much more. How can the American people fix these guys? …check out the video (1 of 3):
Here’s another wolf in sheep’s clothing – Lawrence H. Summers one of O’s top economic advisors. He took in about $5.2m from hedge fund (spit) D.E. Shaw over the past year, and over $2.7 million in over 40 speaking fees to a bunch of shaky Wall Street firms and others in similar condition.
Summers and others were in with the last party in power as well. But three transplanted Chicago aides “earned” such sums including David Axelrod who got $1.55m from public affairs firms he owned before selling his stakes for $3m.
White House social secretary Desiree Rogers was handed over $1.8m in fees from People’s Gas & North Shore Gas where she was president and Allstate Insurance where she was manager of social networking.
Others in the millions category include: James L. Jones, Valerie Jarrett, Gregory Craig, Don Gips, Thomas E. Donilon, Louis Caldera.
With all that talk you might call them carnival barkers. After all this is a carnival with suckers walking between booths full of stuffed teddies and guns with crooked sights.
Goes with the crooked atmosphere.