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House Financial Services Grilling of Hank Paulson vs. ‘Recession Over’ Headlines
HP oversaw a shotgun wedding with Bank of America and Merrill Lynch. At the House Hearings today, brave representatives of We the people tried to hold HP accountable for this and other outrages. They became irate members of the House Financial Services Committee. HP stated he shared the concerns of the people’s representatives, while deflecting culpability for betraying them with abhorrent measures, broken trust and collusion.
Rep Stearns of Florida called it bait and switch with conflicts of interest, noting and getting HP to admit he did not pay taxes on his huge GS sale and changed his promise. HP even said he had an ethics waiver!
The CFO of BAC indicated in writing Hank Paulson invoked the name of the current Treasury Secretary Timothy Geithner when making the threat to fire the Board and Officers of Bank of America, if they did not swallow Merrill Lynch.
The fact is, no big bank CEO or Board was removed, while the head of GM was removed by Barack Obama and his unions, which became significant owners of private industry along with “taxpayers.” It is the responsibility of the Board to replace failed management, and stockholders to replace failed Boards.
Another Rep described banks too big to fail as banks too big to succeed. MO Rep Clay disagreed, as do most Americans, that nobody is too big to fail. Mr. Paulson’s chief defense as an offensive lineman was that things might have been worse without his machinations.
For those who understand Hoover and FDR government takeovers of private economy lengthened the recession from a three-year thing to a 25 year Depression, this may be laughable. But most do not pay attention. They repeat false government monopoly media mantras and rue the day.
This important financial hearing revelation was available live on CNBC.com today, with occasional microphone lapses, lunch breaks and disruptive noise interference as before.
It may well disappear down the Orwellian Memory hole, or be covered up by distorted reporting or deliberate distraction to protect/disenfranchise the quivering masses from the economic truth, which is why we are adding this essential financial piece to the puzzle that is our economy now. There is no free lunch:
http://www.cnbc.com/id/24596546
