Transparency Abandoned as Fed and Treasury Plunder Taxpayers
Group-Think at NY Fed It might be useful to look again at the Slate column written May 6, 2009 by Eliot Spitzer: Fed Dread .
After discussing the inbreeding rampant in both the banks and the NY Fed Reserve Board of Governors, Spitzer comments:
is it any wonder that the N.Y. Fed has been complicit in the single greatest bailout of poorly managed banks in history? Any wonder that it has given—with virtually no strings attached—practically the entire contents of the Treasury to the very banks whose inability to manage risk has brought our economy to its knees? Any wonder that not a single CEO or senior executive of a major bank has been removed as a condition of hundreds of billions of direct cash and guarantees? Any wonder that, despite its fundamental responsibility to preserve the integrity of the banking system, it sat quietly on the sidelines as the leverage beneath the banks exploded and the capital underlying their investments shrank?
No one has or looks likely to be help accountable. Buddies are being bailed out. Banksters who should be doing perp-walks continue to reign in their fiefdoms poised to finish off our economy. Spitzer’s call for reform is ignored.
Now watch this great video: Spitzer et al on the Fed scamming the American people- http://www.msnbc.msn.com/id/21134540/vp/32124060#32124060
UPDATE: See here Glenn Greenwald’s exposure of Obama Treasury officials’ clash with Neil Barofsky, the chief watchdog over the $700 billion TARP bank bailout program, and their efforts to prevent transpanency.
As Greenwald writes: “Barofsky wants to compel banks to account for those funds and then publicize that information, while the administration opposes such efforts, claiming that accounting for TARP monies is impossible due to the “fungibility” of those funds.” ……And “the Obama administration is now attempting to induce the Justice Department to issue a ruling that Barofsky’s office is not independent at all.”
The plundering continues……..