Tuesday, September 15, 2009

Quote Of The Day: Robert Reich

This isn't new news, but it still makes the blood boil.

Goldman won't repay taxpayers the $13 billion it never would have collected from AIG had we not kept AIG alive. (In one of the most blatant conflicts of interest in all of American history, Goldman CEO Lloyd Blankfein attended the closed-door meeting last fall where then Treasury Secretary Hank Paulson, who was formerly Goldman's CEO, and Tim Geithner, then at the New York Fed, made the decision to bail out AIG.) Meanwhile, Goldman is still depending on $28 billion in outstanding debt issued cheaply with the backing of the Federal Deposit Insurance Corporation. Which means you and I are still indirectly funding Goldman's high-risk operations.
The rewriting of history is well under way. The near global financial collapse really wasn't that bad. It all could have been prevented if only Lehman had been bailed out. Bernanke saved the world. The banks didn't really need taxpayer dollars. Goldman employees are still geniuses...

The seeds are once again being sown.

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