Posts under ‘Bought & paid for!’

A discussion of the roles played by the Federal Reserve, Congress, the banking sector and others in the current crises. Essentially they new it would end badly yet deliberately promoted and fostered it.

The SEC exemption from FOIA requests included in the Financial Reform Bill signed by Obama and promised to increase transparency is yet another glaring example that would make George Orwell proud.

Bank holdings of municipal bonds have hit a 25-year high despite the steady deterioration of municipal finances and growing default risk, moral hazard in action, as its doubtful the muni bond insurers can cover this, too big to fail is history, meaning will end up bailing them out again.

That AIG was essentially a Ponzi scheme that got bailed out by either a clueless Hank Paulson and or Timothy Geithner or at worst criminal activities committed by then Treasury Secretary Paulson and New York Fed President Timothy Geithner.

You Own the Red Roof Inn, Thanks to the Fed; Why the Fed Does Not Want an Audit; America is Wall Street’s Sucker. “Let’s find out once and for all who owns the hotels, who owns the houses, and let’s try and put this wild beast that creates money out of nothing and jams it in the pockets of special interests like Maiden Lane, like Bear Stearns, like JPMorgan

Talking about lawyers who bring enforcement actions and the approval process of their superiors before said action sees the light of day. The former SEC attorney noted that during the Bush years enforcement actions rarely made it past the commissioners.

After the Inspector Generals issue their report on a failed bank we find that the regulators in the field did their jobs, identified problems and reported them to their superiors who then failed to act this failure to act goes back to about 2003.

A report by Treasury’s Inspector General and the FDIC found that regulators, primarily the Office of Thrift Supervision, failed to do their jobs with respect to Washington Mutual over a period of years.

The ultimate humiliation is the banks and their lobbyists use of taxpayer funds to persuade our elected representatives not to regulate, censure or punish them for their greed and reckless behavior.

Senator Chris Dodd talks up his supposed financial reform bill and states “were not going to punish the banks”. Why the “bleep” not?