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GreenScam: How Tax Favored Foundations Get Taxpayers to Bend Over
Only the real problem was not illiquid assets, but declining derivatives defaulting and loans creating insolvency among financial institutions leveraged from 10 to one to 100 to one, meaning 10% to 1% market moves against them wiped them out.
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
The former Goldman Sachs Chairman and CEO, All American offensive lineman and champion Phi Beta Kappa wrassler AKA The Hammer, did not pay taxes on the sale of his $480 Million of Goldman Sachs shares when he became Treasury Secretary.
He lobbied successfully with Senator Phil Gramm and his CFTC head then Enron Director wife for repelling Commodity Bank Derivative Regulations and repealing or not enforcing Glass Steagall Laws, Net Capital or Naked Short-Selling Uptick Rules in place since 1933.
http://en.wikipedia.org/wiki/Wendy_Lee_Gramm
http://en.wikipedia.org/wiki/Glass-Steagall_Act
http://www.financialsense.com/fsu/editorials/west2/2009/0707.html
While Agency Heads, Federal Reserve Chairs, Presidents and Treasury Secretaries denied derivative or subprime problems, the inevitable results of unaccountable deregulation and greed were evident for all to see.
We were not alone in calling serious economic market tops in 2000 and 2007.
HP got down on his knee to Speaker of the House Nancy Pelosi and begged her to bail out homeowners defaulting on mortgages via TARP with no liability, oversight or recourse.
May 26th, 2010 at 2:40 pm
A theory like this one seems impossible to fathom. Is the government doing whatever is necessary to maintain calm among the population after these speculations aboutthe end of the world? If this theory is accurate, we wonder who the people who are on the list will be.