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Monday, April 13, 2009

Paulson Geithner Bernanke act against the Prompt Corrective Action Law

Watch the following interview with a former regulator who handled the S&L crises William Black. He was part of creating the Prompt Corrective Action Law which demands that the banks in trouble must be closed which is ignored by all regulators in this crisis.
He also claims what I said that Wallstreet is basically a big Ponzi scheme and we just see the biggest bank robbery in history ( only that the robbers are the executives in the banks.

Paulson needs to be prosecuted as he one was the biggest players in these huge scam from both sides actually as CEO of Goldman and as the Secretary of the Treasury. He even set up an AIG committee which was as usual with Goldman participation which is a scandal by itself as Goldman got close to 18 bil of the 180 bil AIG received from taxmoney.

The Obama administration is not serious about anything when it comes to Goldman or this financial crisis as they under Bush took away 500 FBI agents, who by the way had warned already in 2004 that a big fraud in mortgages was developing bigger than the S&L scheme. Those 500 officers were never replaced although the budgets were increased but all went into the terrorist cover up. Which was used as it seems to distract from many issues as the Bush admin made it to the top priority in the public media.

The next scandal is that they force GM into bankruptcy - just in order to have a leverage on negotiations with workers and unions to lower the salaries and social benefits. At the same time they bailed out criminal banks and financed the insane bonus payments. That's a perverse 2 class capitalism where the thief gets the perks but that is the reality for a long time

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I am a professional independent trader