But Mr. Rattner's high profile is nonetheless useful in drawing attention to the real story here, which is the growing evidence of corruption by officials who use their power over public pension funds to shake down private companies. This is the same political class that has been blaming banks for "greed" in the financial crisis. The pension fund scandal exposes the myth of the superior virtue of the public and nonprofit worlds. Greed is universal. And the opportunity for corruption is enormous when political discretion is tied to vast sums of public money.NY Times reports the administration is considering grabbing and holding banks--that's a really big piggy bank they can loot:
The White House chief of staff, Rahm Emanuel, alluded to the strategy on Sunday in an interview on the ABC program “This Week.” Mr. Emanuel asserted that the government had enough money to shore up the 19 banks without asking for more.They say this won't cost us any more. Hahahahahaha. And our President Barack Obama commands his agencies to cut 1/35,000th from his godawful spending. Oh, and the Dow is tanking again.
P.S. And if banks want to pay us back, the administration doesn't want to let them, no, no, no!
No comments:
Post a Comment