The best and the brightest in the Banking industry are jumping ship. This article at BNET list just a few of the many talented execs who are parting ways with banks associated with TARP.
The fact of the matter is that a Retention Bonus not only keeps an employee it keeps his book of business and his contacts. Large banks make a great deal of money making short term loans…as in days and weeks…to other banks. When a regional banker needs a couple of million for a few weeks he calls his pal “Bob” at a Mega-Bank. They’ve done business for years and are familiar with how each other does business. Now “Bob” is at Credit Suisse or Deutsch Bank because he was worried that some fat, lisping douche nozzle in Congress is going to publicly humiliate Bob and try to take Bob’s bonus.
Thus the taxpayers who were forced to invest in banks by the tyrants in DC are having their investment jeopardized by those selfsame cock holsters. And the people most needing investigation get none.
Furthermore, not all such relationships described above are beneficial.
AIG was facing collapse because it insured the paper issued by companies like Goldman Sachs. When those sub-prime mortgage instruments went tits up AIG was obligated to pay the par, or face price, of the instrument; regardless of it’s actual value. AIG faced the prospect of being unable to pay the full obligation and going bankrupt. Enter the Federal Government under Paulson. Paulson pays AIG. AIG pays Goldman Sachs. Paulson appoints Edward M. Liddy as CEO of AIG…and Liddy resigns his Board of Director seat at Sachs to take.
Did we mention that Paulson was CEO of Goldman Sachs when they started to invest heavily in sub-prime derivatives? Or that Robert Rubin also served with the two on Sach’s board? Or that as Bill Clinton’s Secretary of the Treasury Rubin crafted policy which prevented the regulation of sub-prime derivatives? In fact he, along with Larry Summers, urged Congress to strip the Commodities Futures Trading Commission from oversight? Or that by doing so it took sub-prime derivatives, for all intents and purposes, out of the category of “risky investment”?
Rubin also led Citigroup, and that firm’s deep investments in derivatives and the sub-prime market have nearly killed it.
Virtually every rock we turn over in this financial crisis has a high level member of Clinton’s Treasury or Justice Departments under it. Yet who does the Congress punish and scapegoat? The very people most able to bring us out of it. Powerful Democrats have used social engineering schemes to enrich themselves under the mantle, whether they Believed or not, of social justice.
And now we have given others of the breed even more power and money.
UPDATE: Shortly after posting this I was surfing Insty and saw this link to TigerHawk who links to this. GoldmanSachs666 goes in greater detail about the situation with AIG and Sachs that I have been posting about the last several weeks.
I’ve said it before, I’ll say it again. REMEMBER YOUR OATH! ALL enemies, foreign AND DOMESTIC! You think the destruction of this nations financial sector isn’t to do with undercutting the Constitution? Allowing other governments (cough*China*cough) to own HUGE pieces of us? And therefore be able to take control of us?
We have the intel, we know who the traitors are. We have the equipment, the tactics, and undoubtedly a plan. Damnit people! Save this country! Before it gets really ugly at the grass roots level. I am in no way suggesting that I’ll start it, I only pray it doesn’t have to start.