JP via RSS
House Financial Services Grilling of Hank Paulson vs. ‘Recession Over’ Headlines
That same Goldman Sachs Chairman worked under Nixon and Watergate Conspirator John Ehrlichman. He paid no taxes on his GS stock sale to become Treasury Secretary. He worked with the New York Federal Reserve Bank President on the bailouts, who did not pay his written pledge of taxes due while at the International Monetary Fund.
Timothy Geithner, protégé of Henry Kissinger, GS Chairman CitiGroup Adviser Director Robert Rubin, and Chief Economic Advisor Larry Summers, is now the current Treasury Secretary. He received tax forgiveness in his nomination hearings, after helping HP eliminate a GS competitor named Lehman Brothers and passing other GS competitors, Bear Stearns, Merrill Lynch and Wachovia to friendlier JP Morgan Chase, Bank of America and Wells Fargo, who received special tax benefits and financing for the takeovers. Where is our bailout? Why would we want one?
Christian Scientist, Eagle Scout, Champion wrestler and Dartmouth offensive lineman football player HP “the Hammer” got down on his knee to the Speaker of the House Nancy Pelosi, begging her to pass TARP in a hurried rush without reading it, with no accountability, the Troubled Asset Relief Program, to detoxify assets and bail out mortgages.
That did not happen. Ten days later, taxpayer money and debt went to bail out crony bankers who caused the problem, defining moral hazard. Time magazine named HP runner up to the Person of 2008, Barack Obama, writing, if there is a face to this financial debacle, it is now his.
TARP became a $700 Billion bait and switch. This allowed taxpayer and Federal Reserve subsidized banks to compete with private corporations that were not bailed out. They repurchased taxpayer warrants at 66% of fair market value, receiving bonuses averaging over $700,000 while millions of Americans were put out of jobs and homes. The young Goldman Sachs right hand of HP quit.
HP’s Goldman Sachs became the chief beneficiary of AIG bailouts exceeding $182 Billion. According to OH Rep Kilroy, Warren Buffett got GS terms for his $5 B twice as good as the taxpayers $10 B, for a crisis he and his cronies created.
As she put it, the big bad bankers deliberately stuck our next three generations with their mistakes. HP kept assuring everyone taxpayers will benefit from the crisis and a different regulatory regime will make everything rosy. If not now, then when?
