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Congress no joelho dobrado antes dos executivos de Wall Street
Quinta-feira, fevereiro 12o, 2009
Por Branco Jerry? Os oficiais executivos principais dos oito bancos os maiores nos E.U., que receberam coletivamente $125 bilhões no dinheiro do bailout, apareceram antes do comitê terça-feira dos serviços financeiros da casa. O hearing era uma demonstração do prostration total dos políticos democráticos e republicanos antes do elite financeiro de América. Aparecer antes do comitê congressional era Lloyd Blankfein (Goldman Sachs); James Dimon (perseguição de JPMorgan); Kelly de Robert (banco de New York Mellon); Ken Lewis (banco de América); Ronald Logue (Estado Rua Corporaçõ); John Mack (Morgan Stanley); Vikram Pandit (Citigroup) e John Stumpf (poços Fargo). Coletivamente receberam centenas dos milhões na compensação individual sobre o último poucos anos, quando suas instituições precipitated o meltdown financeiro o mais mau desde o Depression grande. Longe de conduzir uma investigação séria nestas atividades, os congressistas trataram os executivos com o deference. Forçaram que não haveria nenhum recriminations, mas o Congress trabalharia com os banqueiros para restaurar a confiança no sistema financeiro. As testemunhas não foram postas sob o juramento nem não foram compelidas revelar nenhuma danificação ou evidência incriminating. Instead, porque a maioria de parte foram pedidos polidamente se aprendessem suas lições e estavam prontos para agir mais prudently. Este obeisance ao aristocracy financeiro foi resumido nas observações de abertura do franquia do Barney do presidente do comitê. A democrata de Massachusetts, ele mesmo um receptor dos milhões em fundos da campanha de Wall Street, reconhecido que havia uma raiva pública difundida de encontro aos bancos e reconhecido que a maioria oprimindo dos povos quis a “sucata” o sistema financeiro atual e constrói um novo. Entretanto, o “tempo e o esforço” fizeram tal proposta “pouco prática,” franqueiam insistido. A fim começar o sistema financeiro que trabalha outra vez, disse ele, “nós estamos indo ter que trabalhar dentro do? instituições existentes. '” F-lo que o espaço livre que não haveria nenhuma mudança substantiva nas operações ou no pessoal principal das instituições financeiras esfarrapadas, deixou sozinho todo o desafio à riqueza e aos prerogatives daquelas responsáveis para a crise a mais má em 70 anos. O franquia bateu então no “dilemma político” esse ele disse o governo enfrentado. 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
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