Probably worth reviewing, but only useful if “prompt corrective action” measures cited are actually taken. These laws already exist (see link at left) but were not availed – instead we bailed out the undercapitalized banks:
Systemic Risk Legislation Overview:
http://www.treas.gov/press/releases/tg227.htm
Former ENRON lobbyist Linda Robertson, now head of PR at the Federal Reserve is busy setting up town hall meetings for Ben Bernanke (why not, he’s at least as powerful as Obama) to help the public see the “good side” of gentle Ben. But one comment quoted in the Bloomberg article is worth noting:
“I don’t think the American people want Congress running monetary policy…”
Frankly, most Americans don’t realize that our government IS NOT running American monetary policy. But I think most Americans, if they understood our country’s banking history, would rather prefer our government to be running our country’s monetary policy, rather than a global consortium of privately-owned central banks (of which our FED is only one of 15).
Last but not least, the TARP reports from Neil Barofsky are here: http://www.sigtarp.gov/reports.shtml
These PDFs, especially the prepared testimony highlights are very, very important. It will be interesting to see where the 35 fraud investigations lead.
In the actual testimony, I was pleased to see that Barofsky and I share the same deep concern regarding fraud and secrecy, especially with regard to TALF and PPIP. Barofsky is no fan of Geithner (another thing we obviously have in common) and I would add that in Geithner’s testimony where he is constantly referring to: “we lack this authority, we let that happen, we should have been more attentive to this and we should have had a mechanism for doing that,” the fact is, Geithner was in a position to do all the things he cites as failures in his previous role at the NY Fed. He’s basically pointing out his own failures leading up to the crisis. I’m amazed nobody’s line of questioning points this out.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.