Thursday, July 8, 2010

The Wall Street Heist

Two More Candidates for the McChrystal Treatment By Robert Scheer

Please read this insightful article about the Wall Street Heist, the magnitude of which will keep us in economic shock for some time to come.

"It was Geithner who, as head of the New York Fed, presided over the $180 billion bailout of AIG, which, as revealed by the 500-page documented record of that travesty released last week by the Financial Crisis Inquiry Commission, was a scam to pass taxpayer money to Goldman Sachs and the other large banks that had created the problem. And it was Summers who as President Bill Clinton’s treasury secretary pushed through the Commodity Futures Modernization Act, which guaranteed “legal certainty” for the toxic derivatives packages that Goldman and the others sold. At the time Summers assured Congress that “the parties to these kinds of contracts are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies. …”

For such not-so-prescient but very convenient insight, Goldman Sachs rewarded Summers with $200,000 for two speeches he gave to its executives while he was an adviser to candidate Obama. Not surprisingly, the new financial regulations proposed by this administration and soon to be signed into law let Goldman and the others so much at fault off the hook. "


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