Wednesday, October 1, 2008

Find, prosecute, imprison

Bring Wall Street Crooks to Justice - Credo Action

As part of the prosecutorial effort, investigators may want to pose these questions, raised by the NYT's David Cay Johnston:
--Why was the CEO of Goldman Sachs in the room when government officials decided to bailout the insurer AIG, especially since Goldman has about $20 billion, half of its shareholder equity, at risk on AIG? Keep in mind that Treasury Secretary Paulson is the immediate former CEO of Goldman.
--Why was Lehman Brothers, a Goldman competitor, the only Wall Street firm in trouble so far left to collapse on its own? The Wall Street Journal reports today that it was the collapse of Lehman (which because of its structure may not have been an attractive firm for purchase) that "triggered cash crunch around the globe."

Hmmm. Hmmmmm.

And while Johnston and Salon's Glenn Greenwald rightly celebrate the emergence of ACTUAL DEMOCRACY in Monday's rejection of the bailout bill, it's worth noting that an almost identical rescue package will likely pass the House on Friday.

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