Okay, so President Obama didn't run for office to help out a bunch of fat cat bankers on Wall Street - or so he said on CBS's "60 Minutes" show Sunday night. But maybe it didn't seem like such a bad idea once the election was over. Anyway, the net effect of his administration's actions since then - all nicely documented in the latest Rolling Stone dispatch from the choleric Matt Taibbi - was an immense helping out of fat cat bankers on Wall Street at the expense of a lot of American citizens who work elsewhere, if they are lucky enough to have income-producing work.
Mr. Obama has really offered no satisfactory explanation for why he larded his department of the US government from the get-go with so many agents and recent graduates of Wall Street's biggest firms. Nor has any clear reason emerged for the absence of criminal prosecution - or even investigation - by the Attorney General in such obvious cases of criminal fraud and insider trading as Goldman Sachs's double-window technique for hedging its own issues of mortgage-backed securities. By comparison, the Savings-and-Loan scandal of a decade ago led to thousands of criminal convictions.
Monday, December 14, 2009
Fat Cat Bankers That Obama Loves to Help
Another witness, James Kunstler, to the Great Disappointment of Obama's economic policies:
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