Posts filed under “Crony Capitalists”
Is there a single doubt left in your mind?
Are you still a believer in
Rufus T. Firefly Jamie Dimon as the world’s smartest banker?
Is there a scintilla of wonder left in your mind that the giant banks are legitimate?
Have you come around to understanding — finally — what some of us have long understood about banks?
Are you willing to accept the truth about these corporate behemoths — that they are a horrific combination of economically dangerous, criminally inept, led by pathologically lying CEOs?
Do you harbor any doubts that the giant banks are anything less than ruthlessly efficient criminal enterprises?
Can you — finally — admit that our bank-created financial crisis of 2008-09 has led us to where we are today?
Do you understand the only options presented as a result of that — either corporate bankruptcy and nationalization or a completely artificial Fed driven recovery? (The third option was a Japan-like multi decade recession). Do you realize that the feeble recovery, the slow, deleveraging-driven process of gradual economic healing was the result of how our policy makers chose?
Do you recognize that the world of banking is divided into two camps?
On one side, there are those who understand that the giant banks must be broken up. They are dismayed at the large banks under-capitalization, over-leverage and opacity. These folks have figured out that these banks are not only too big to fail, but are so large that they are too big to succeed, and that the best route is to let insolvent banks fail. They are unhappy that our finance sector is a trillion dollar black box. They know that the majority of giant banks’ profits come from bailouts, and subsidies. This group is dismayed at the corruption of our political system by financiers. They understands huge banks are anti-competitive, a blaspheme against capitalism. They are shocked about corruption of even the most fundamental measures of interest rates such as LIBOR. They are stunned that bankers have overturned a bedrock, fundamental principle of our society — the rule of law rule — with the threat of disrupting the world’s economy if prosecuted for their crimes.
On the other side lay the bank apologists, corrupted politicians, and crony capitalists. They advocate the Big Lie of the financial crisis. They choose to ignore the facts and data that disprove their narrative. They continue to push the lies that the bailouts were a good investment. (They weren’t). They work against the Bipartisan consensus that the giant banks should be broken up. They ignore the many former bank CEOs who call for the break up of “Too Big to Fail” banks. They mandated that GSEs were banned from Lobbying, but they made sure that the big banks retained their influence peddling and hold on Washington DC.
They no longer represent the voters of their districts, but instead are the elected representatives of Bankistan.
And unless we do something — and soon — they will vanquish America.
The very belated Federal civil suit against Standard & Poors is based on one very specific deal, with an extremely egregious email trail. Looking at the entirety of the crisis, the Credit Rating Agencies (the properly blamed CRA) were major players. Standard & Poor’s and Moody’s as well as the much smaller Fitch ratings agencies…Read More
“It’s a false paradox. The peer group is based on the theory of transferability of talent. But we found that C.E.O. skills are very firm-specific. C.E.O.’s don’t move very often, but when they do, they’re flops.” -Charles M. Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware …Read More