|
|
Kongreß auf verbogenem Knie vor Wall Street Hauptleitern
Donnerstag, den 12. Februar 2009
Durch Jerry Weiß? Generaldirektoren von den acht größten Bänken in den US, die zusammen $125 Milliarde im Sicherheitsleistung Geld empfangen haben, erschienen vor dem Haus-finanzielle Service-Ausschuß Dienstag. Die Hörfähigkeit war eine Demonstration des äußerte prostration der demokratischen und republikanischen Politiker vor Amerikas finanzieller Auslese. Das Erscheinen vor dem Kongreßausschuß waren Lloyd Blankfein (Goldman Sachs); James Dimon (JPMorgan Verfolgung); Robert Kelly (Bank von New York Mellon); Ken Lewis (Bank von Amerika); Ronald Logue (State Street Corporation); John Mack (Morgan Stanley); Vikram Pandit (Citigroup) und John Stumpf (Brunnen Fargo). Zusammen haben sie Hunderte Millionen im einzelnen Ausgleich über den letzten Jahren empfangen, während ihre Anstalten das schlechteste finanzielle Einschmelzen seit dem großen Tiefstand ausfällten. Weit von das Leiten einer ernsten Untersuchung in diese Tätigkeiten, behandelten die Kongreßabgeordneten die Hauptleiter mit Achtung. Sie betonten, daß es keine Recriminations geben würde, aber Kongreß würde mit den Bankern arbeiten, um Vertrauen im finanziellen System wieder herzustellen. Die Zeugen wurden unter Eid gesetzt oder gezwungen, kein Beschädigen aufzudecken oder Beschuldigenbeweis. Stattdessen in den meisten Fällen wurden sie höflich gebeten, wenn sie ihre Lektionen erlernt hatten und waren bereit, besonnener zu fungieren. Dieses obeisance zur finanziellen Aristokratie wurde in den einleitenden Bemerkungen des Ausschußvorsitzender Barney-Freivermerks aufsummiert. Der Massachusetts Demokrat, selbst eine Empfänger von Millionen in den Kampagne Kapitaln von Wall Street, bestätigt, daß es weitverbreiteten allgemeinen Zorn gegen die Bänke gab und bestätigt, daß die überwältigende Majorität der Leute „Trödel“ das anwesende finanzielle System wünschte und ein Neues errichtet. Jedoch bildeten die „Zeit und die Bemühung“ solch einen Antrag „unpraktisch,“ gegenzeichnen beharrt. Um das finanzielle System zu erhalten, das wieder, sagte er, „uns bearbeitet werden innerhalb arbeiten müssen? vorhandene Anstalten. '“ Er bildete es freien Raum, daß es keine substantivische änderung in den Betrieben oder im führenden Personal der tattered Geldinstitute, geschweige denn jede mögliche Herausforderung zur Fülle und Vorrechte von denen geben würde, die für die schlechteste Krise in 70 Jahren verantwortlich sind. Freivermerk schlug dann am politischen „Dilemma“, das er diesem ist, sagte die gegenübergestellte Regierung. By funneling more public money into the banking system, he said, the same banking executives responsible for the crisis would be seen as the beneficiaries. This would only generate more public opposition, not only to Wall Street but to the government itself. Indeed, the insistence of the financial elite in looting the public treasury, even if it means the bankruptcy of the country, has put the government in an extremely difficult position. However, given the complete subservience of the government to the financial aristocracy, and its unquestionable defense of the capitalist system, the politicians were reduced to begging the bankers to clean up their acts and do the public relations work necessary to get through the next installment of public money. “I urge you going forward to be ungrudgingly cooperative,” Frank pleaded. “There has to be a sense of the American people that you understand their anger…and that you’re willing to make some sacrifices to get this working.” What followed was political theater in which the executives explained that they weren’t really withholding credit but had issued billions in new loans to consumers, students and small businesses. They made these claims even as report after report has documented the virtual drying up of credit. The banks have used public assets to pay out dividends to wealthy bondholders and finance multi-billion dollar mergers that have resulted in the destruction of thousands of jobs. The executives issued obligatory apologies for past “mistakes” and “errors,” pledged greater “accountability” and “transparency” and even said they would institute a three-week moratorium on foreclosures until the Treasury Department’s new bailout kicked in. Announcing that he would work without bonuses, John Mack, the CEO of Morgan Stanley, declared, “I know that American people are outraged about compensation packages,” although he did not offer to give back any of the $56 million he pocketed over the last five years. A few Democrats on the finance committee joined the act, railing against excess bonuses, taxpayer-funded travel junkets, private jets and the millions of dollars in fees charged by the banks to process their own bailout money. The posturing was aimed at deflecting criticism from the Democrats who, like the Republicans, are widely perceived as shills for the Wall Street banks. As one Democratic congressman complained to the bankers, “your industry and ours are suffering from a credibility gap with the American people.” In the course of the hearing it was revealed that Merrill Lynch, with the complicity of its new owner, Bank of America, had used accounting tricks to issue $3.6 billion in executive bonuses even as the bank was receiving taxpayer money. Bank of America’s executive quickly dodged any responsibility and the matter was dropped. Another Democratic congressman complained that the American people had been “screwed out of $78 billion,” citing a report issued last Friday by the congressional panel set up to oversee the first $700 billion bailout. The report revealed that Bush administration officials overpaid for banks’ “troubled assets.” The congressman lamely asked, “Will you recommend to your boards that additional shares be given to the government?” The bankers met the question with silence. Constantly in the background of the hearing was a fear that the banks and government were inciting a potential explosion as millions of working people were losing their jobs and homes, taking pay cuts and facing the prospect of destitution, while the financial elite on Wall Street is looting the US Treasury. Several congressmen read letters from their constituents. One expressed what millions think of the banking executives: “Put them all in jail, which is where I would be if I robbed a financial institution.” Despite their vocal contrition, the Wall Street executives were intransigent on their demands for more bailout money. On the most important issue?the sale of the trillions of dollars in virtually worthless mortgage-backed assets held by these insituttions?the banking executives made it absolutely clear they would not sell them at the current market prices and were waiting for the Obama administration’s new bailout to make any sale far more lucrative. Abandoning their supposed commitment to the “free market,” the executives insisted the value of their assets should be pegged, not at the market value, but at some supposedly “fair value” that was far above their present price. In an attempt to justify this position, Citigroup’s Vikram Pandit declared, “We have a duty to our shareholders; if [the assets] are marked so far below the lifetime value we can’t do it.” However, if you get the funding flowing, he said, “then you will get a real bid.” Wall Street reacted with disappointment to US Treasury Secretary Timothy Geithner’s unveiling of the Obama administration’s new bailout proposals on Tuesday. Behind this reaction was disquiet that the proposals?though entirely geared to the interests of Wall Street?did not include a more explicit plan for the purchasing of these “toxic” assets. The details of this new transfer of wealth to the Wall Street banks are currently being worked out behind the scenes. America’s financial elite is holding the entire country for ransom in order to extract every penny from the national treasury. The only way to solve the crisis in a rational and socially beneficial manner is to break the grip of the financial aristocracy by transforming the banks into public utilities under the democratic control of working people. Have Your Say: Congress on bended knee before Wall Street executives Please read our posting guidelines before posting. Alternatively you can discuss this report here. Related News
|
Plane crash in NY state kills 49 Last post by loki @ 08:47 AM Go to Forum
| Latest Topics
Activists arrested because of UK Indymedia secret IP logging Last post by Unregistered @ 07:38 AM UFO filmed above Somerset coastline by holidaymakers Last post by paul w @ 04:23 AM So Is this 9/11 link going to go in to The Fringe? Last post by Mick @ 03:24 AM Cashless system is now on the cards Last post by Unregistered @ 10:53 PM New collapse footage of WTC7 and North Tower - Nov 2008 Last post by paul w @ 10:48 PM Black triangle UFOs 'not piloted by alien beings' Last post by Unregistered @ 10:45 PM VIDEO Documentary: Inside Beautiful IRAN Last post by Unregistered @ 07:59 PM GM crops continue to spread Last post by Nostalgia @ 05:04 PM Voice biometrics for UK banking? Last post by Nostalgia @ 05:01 PM  Email This Page To A Friend Latest Headlines
More Breaking News  Archive
|
TOP NEWS DISCUSSIONS |
LATEST NEWS DISCUSSIONS |
|
|
Top MI6 spy: Terrorism less serious than bird flu Lendman: Obama's 'War on Terror' |
I've had enough commented on: Lendman: Obama’s ‘War on Terror’ In short - business as usual. Well, this kind of arrogance is really going to... Continue Reading & Reply sandra busell commented on: War Crimes Conference - London, 20-21 February, 2009 I should like to bring to the attention of all those attending the conference,... Continue Reading & Reply Paul Herman commented on: Bush: US should have acted on Auschwitz Why did George Bush condemn what happened in Auschwitz, but did not condemn the massacre in... Continue Reading & Reply CR commented on: CIA Monitors YouTube For Intelligence Yes, I am commenting on one of the above commenters, ‘It is excellent that the SHEEPLE awake before... Continue Reading & Reply |
|
The views expressed in the RINF news wire and newsletter are the sole responsibility of the author (s) and do not necessarily reflect the views of the webmaster. RINF.COM: Breaking News & Alternative Media is Copyleft - Copy & Distribute Freely. News Forum |
Loading ...
