Obama seems to measure things with 2 different scales as he went after the guys who hesitated to settle for a few cent more than the 10-30 cent the get on the Dollar from borrowing money too Chrysler on the one hand worth 3-4 bil. face value. On the other hand no one seems to see a problem in handing out 180 billion full face value to banks who already get a lot of undeserved perks from TARP over zero FED lending facilities to hundreds of millions in fees they steal for the issuance of their own government guaranteed bonds.
That is complete insane and I slowly start to believe that the President is on the payroll of this banks as these is not only out of any common sense to say the least. Why are their now full fledged investigations in the actions of Paulson,Bernanke and Geithner forcing BAC stock owners to digest a toxic Merrill with blackmailing. Why can a Fuld get away with hundreds of millions after he lied over and over again destroying Billions and the above mentioned antihero's letting Lehman go bust deliberately. Their pathetic excuse that their was no legislative background to save Lehman appears pathetic as the,r is no such legal framework as to throw 180 bil tax money which never will come back through AIG to banks. That is by any means a criminal abuse of power.
Finally why are suddenly a few billions for the car industry so crucial after throwing trillions on banks who at the end created this crisis. They get a treat for being evil financed by the global taxpayers and do no hesitate to pay themselves perverse salaries and bonus still - while hundreds of thousand of car workers will loose their 30k a year job. Whatever the media writs about the Obama administrations 100 day hype - I rather think it turns out to be disgrace as was the former administration. They were elected by the people but very obviously they do not work for them and that is true for many area's not only economic issues. Iraq, Torture almost all promises seem to have been phony - this camouflage actions with Cuba and Iran are not meant to be serious just a distraction to keep up some popular PR work.
Editor's Note: I always enjoyed watching Dylan. But on more than one occassion, I said he was going to get canned for being too honest. And canned he was. Here's the scoop according to Wikipedia. If it were that false or off the mark, Goldman Sachs and others would have already sued to have it removed. Three cheers for Dylan. Its just a shame Goldman Sachs and General Electric . . . both Warren Buffet companies, have the power to control the media, the government . . . and our lives.
In Ratigan's final CNBC broadcast from the floor of the NYSE he reported on what he called "an important story developing" that Goldman Sachs and "a variety of European banks", in his assessment and that of his guests, essentially "perpetrated securities fraud" and an "insurance fraud scam" against AIG—and, by extension, the government and taxpayers funding that insurance company's "bailout"—by insuring their questionable investment vehicles and, upon their devaluation, making claims on them to be paid by AIG "at 100 cents on the dollar" despite all of the markdowns "being forced upon every other" entity including the government, banks, shareholders, bond holders, taxpayers and homeowners.
"I think that it should be a bigger political issue than whether somebody bought an airplane... Forget the private jets, forget who got a million dollar bonus. Fifty billion dollars", he emphasized, minimizing what he saw as populist side issues to "the real question" of how "government policy makers" are to deal with the "problems of contract law" inherent in the agreements of businesses receiving government assistance during the financial crisis.
"The banks are being asked to take 'haircuts' on their toxic assets, why are the Goldmans and the Deutsche Banks of the world not being asked to take haircuts on their toxic credit default swaps? It's a real question. I will continue to pursue it for sure, I hope others will as well." Ratigan praised New York Attorney General Andrew Cuomo's subpoena of AIG to determine the bank payouts as "legitimate inquiry" and looked forward to "a body of lawmakers in Washington D.C. who are going to ask, it appears, some of the same questions that I'm asking."