General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFRONTLINE..special report unbelievable.
Second part is tonight and the extra interviews on the web are extraordinary.
My take is that the banksters are squirming. They're going to eat their own. the Wells Fargo banker basically said that Geithner threatened him if he didnt take the 25 billion. Lots of pointing fingers. I loved it.
Anyone else get the same sense?
These guys destroyed my humble yet secure middle class life...they should rot in jail and then go straight to hell.
The Velveteen Ocelot
(115,661 posts)What actually happened was sort of what we always suspected, only much worse.
libodem
(19,288 posts)Part of Bush's ENRONing of America. ENRON was the test run.
It was a very educational program.
lastlib
(23,204 posts)..and "Democrats" too!
Phil Gramm is an evil bastard on a par with Dick Cheney.
My sympathies to you and all the other victims of these evil, greedy banksters. They do indeed have a place reserved in hell.
TheCowsCameHome
(40,168 posts)Great program.
(I thought part II is next week?)
Arkansas Granny
(31,513 posts)I saw a lot of info last night that I had not seen or heard before. I thought they covered it very well.
shcrane71
(1,721 posts)based on retail, residential markets.
What made me most upset is that so much US taxpayer money was thrown at banks with so little asked in return from the TARP money.
xiamiam
(4,906 posts)he said that geithner told him if he didnt take it that the sec analyst would say they were in trouble..even if they weren't..not much of a choice
shcrane71
(1,721 posts)he didn't take the money (and he pointed to his regulator, Geitner), that his regulator would declare his bank insolvent and start dissolving it. Talk about abuse of power.
sabrina 1
(62,325 posts)When do the investigations begin? I remember how angry Geithner was with Elizabeth Warren when she tried to get him to release the names of the banks that received funds. Reminded me of the description of how angry Greenspan et al got at Brooksley Born when she reported the potential harm derivatives without regulation could cause the economy.
They knew what they were doing, enough people warned them, but they chose to do it anyhow. Now most of them have made a fortune, and America's workers have had to foot the bill.
shcrane71
(1,721 posts)that Geitner would lie about their solvency. At least, that's how I understood it.
xiamiam
(4,906 posts)and WHY did the wells fargo guy point at geithner and paulson?..angelides said there was only one bank, he didnt say which, that did not necessarily need the money..out of all the banks, most were teetering
if you haven't watched the web interviews, i think they are fascinating..i'm only half way thru and i'm shocked at what i'm hearing..and i have followed this since 2008 as closely as anyone
sabrina 1
(62,325 posts)Meltdown, eg 'Meltdown, The Men Who Crashed the World' and 'Inside Job'. Also 'The Warning' which demonstrated what happened to Brooksley Born when she tried to warn, back in the 'nineties, against deregulation especially of Derivatives, she was run out of town by Greenspan, Rubin and others. She was right, and at some many points over the past 20 years, the whole thing could have been prevented. But the 'foxes' were in charge, and they relentlessly pursued their goals according to everything I've read.
If you haven't seen any of those documentaries, they are worth watching and should be required viewing for all Americans, imo. The media will never tell the truth, that's for sure.
xiamiam
(4,906 posts)that the german bank was so insistent to keep buying the cdos..they knew, she knew..i think she exposed herself while she was trying to do just the opposite. Ha! her primary concern being their customers, my ass
shcrane71
(1,721 posts)when she was talking about the German bank that just slurping up the CDOs? She didn't come off as caring one iota that they were selling junk, and she appeared to know that it was junk.
The dark-haired JP Morgan (would she be called and executive??) basically said that she was surprised at the greed. I was surprised that she admitted that.
xiamiam
(4,906 posts)and she was trying to sound as if she was protecting her customers from risk..wtf..she created the monster..she knew..I cant figure out why they agreed to do this..
sofa king
(10,857 posts)I know that in legal terminology, if the person enacting the terms of a will is female, she is the "executrix" of the will.
However, I do not think that term has successfully found its way into the business world.
The -trix suffix was one of several failed attempts to introduce some sort of gender identifier into the English language, borrowing directly from Latin. So as usual with English, there is no universal rule as to the suffix's use and/or spelling.
CoffeeCat
(24,411 posts)The banks claimed that they needed to be bailed out right f'n now, in order to infuse cash into the financial system and unfreeze the credit markets.
That never happened. Why in the hell did they need that money? What the hell did they do with it?
shcrane71
(1,721 posts)It would be nice to see an expose on all the small businesses that saw their lines of credit freeze or pulled.
Sam1
(498 posts)However, there was little if any mention of the corruption and criminality that caused the meltdown. The banks were turned into control frauds by their senior management and the regulators were either weakened by reduced budgets or seduced by the opportunities for employment with the banks. Bill Moyer's interview with William Black, one of the chief regulators involved in resolving the savings and loan crisis, provides a good framework for making sense out of the undercurrents that drove the bankers.
xiamiam
(4,906 posts)i particularly enjoyed watching the banksters attempt to deflect blame and point fingers. Not sure why they agreed to do this but I think they are attempting to collectively organize their defense. Somebody and hopefully many will be held accountable for this and they know it.
benld74
(9,904 posts)Uncle Joe
(58,342 posts)for profit prisons, basically playing both ends against the middle.
So I wonder if the other major banks are involved in drug money laundering as well but Wells Fargo was targeted because they bucked Geitner?
"My take is that the banksters are squirming. They're going to eat their own. the Wells Fargo banker basically said that Geithner threatened him if he didnt take the 25 billion. Lots of pointing fingers. I loved it."
How deep does the rabbit hole go?
Thanks for the thread, xiamiam.
rsmith6621
(6,942 posts)My take is that the banksters are squirming. They're going to eat their own. the Wells Fargo banker basically said that Geithner threatened him if he didnt take the 25 billion. Lots of pointing fingers. I loved it.
..... This is why Geithner should have been left to go a year back... I hope Obama doesnt plan on bringing him in to a second term.
LiberalAndProud
(12,799 posts)I didn't see the Frontline report but just on the face of it, this seems like a not-very-plausible scenario. If true, I wish Tim would threaten me.
CoffeeCat
(24,411 posts)...that all of the major bank CEOs who were summoned to that meeting (and I believe it was Hank Paulsen who ran the meeting and issued the threats) were forced to take the money to hide the vulnerable banks. At that point, if only a few troubled banks took billions in bailout funds, this would have signaled which banks were in serious trouble. Their stock prices would have tanked, and they would have sunk as Bear Stearns and Leaman Bros both did. If all major banks took the billions, it hid the rotting banks.
It was always obvious that Wells did not want to take tarp. I remember their CEO being pissy in media interviews about the bailout, but they quickly shut up and caved. Anyone else hear the Wells CEO reveal that Paulsdn threatened to sick Federal regulators on the bank if they refused to take the bailout money? Unbelievable!
The sad truth is that probably two or three really abusive banks, that sold boatloads of subprime loans--were the entire reason for the bailout. What do you want to bet that Bank of America would have been the next domino to topple?
xiamiam
(4,906 posts)found it troubling and curious that the same players were kept in place..and commented that nothing has changed
the rabbit hole goes very deep
madokie
(51,076 posts)And I agree with your sentiments too.
fascisthunter
(29,381 posts)Duppers
(28,117 posts)Psychopaths on Wall Street, in congress, and in the White House (no, I don't mean Obama).
Hassin Bin Sober
(26,324 posts)MrScorpio
(73,630 posts)It was like deja vu all over again.
riverbendviewgal
(4,252 posts)I found that after watching the Hoover show I had a greater understanding of what happened when the bailout and TARP were implemented. If was not done I think we really would have had a depression, perhaps worse than the 30s.
Mitt Rommey reminds me of Hoover and what Hoover did and Hoover's fellow Republicans did after the stock market crash ..just what the Republicans want to do now.
I saw part 1 and 2 on my PBS coming out of Detroit last night .
It was like watching the movie TOO BIG TO FAIL again, which I have seen at least 4 times.
Quite incredible that this show had the real players and video reports.
What I found so striking was how McCain in part two acted in the great DC conference he called for just before the election. He was not at all equipped to handle the impending disaster and seemed speechless and quite uninformed. Obama really had a handle on it..
I highly recommend this. You can watch the first two episodes now on
http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/
riverbendviewgal
(4,252 posts)xxqqqzme
(14,887 posts)thing and just took over the meeting @ the White House. His insider - Wolffe(?) sharing the WH people saying, when the meeting broke up, 'I'm voting for Obama'.
dimson just handed the entire mess to paulson and told him to fix it and he'd have his back!?!? Way beyond dimson's grasp apparently.
Considering all we know now about the robo-signing of foreclosure docs and all the other fraudulent practices, banksters is the right name for these criminals.
And these assholes are moaning/whining about occupy! GMFB!
GoCubsGo
(32,078 posts)He called that meeting after "suspending" his campaign, but came completely unprepared and clueless. Sen. Obama wound up taking it over and looking like the real leader.
CoffeeCat
(24,411 posts)Was a leaderless fool! Apparently Obama dominated at that meeting and John McCain was pissed at Obama for being prepared and intelligent, so a big fight erupted. Several people said that a big argument ensued. Then Bush Jr says, "Well! Looks like I've clearly lost control of this meeting!" and then walks out the door.
YeAh. The entire economy is disintegrating, and the potus just walks. Did that bastard even give a damn?
xiamiam
(4,906 posts)ErikJ
(6,335 posts)MadrasT
(7,237 posts)No prosecutions.
No prison.
Nothing.
xiamiam
(4,906 posts)the actual banksters have faces and something to say..why?..i think they're squirming and one thing that angelides said, "the wheels of justice move slowly"
that phrase keeps running thru my head. There is plenty of evidence no matter who says that they played within the law..bs. Yet, most of it continues. WHY?
Some of them are going to jail. At this point, they could build their own jails for wall streeters complete with wifi and conference calls. They probably already have.
Bozita
(26,955 posts)Well worth the time!
Auntie Bush
(17,528 posts)pa28
(6,145 posts)Like some kind of reverse bank robbery where they never wanted or needed the money. Strangely enough Wells was of the slowest banks to de-tarp and pay the money back.
malaise
(268,885 posts)Thanks for the headsup!
colsohlibgal
(5,275 posts)Instead of deserved jail time for out and out fraud these grade A entitlement syndrome creeps got enormous bonuses in the hundreds of millions after we taxpayers bailed them out. That's way up on the list of any life is not fair list.
It's just not right, it's a complete joke. It was a huge strike one against Obama for me, he should have aggressively prosecuted these callous Richie Riches but instead he in essence protected them. No "trust busting" for this prez. That shouldn't have surprised me because of the Wall Street insider blue blood types he hired as his financial lead team.
It's just an enormous outrage among a host of outrages since the 2000 presidential Supreme Court coup.
Doctor_J
(36,392 posts)Good ethics, good governance, good politics. I had high hopes for fundamental change in 2008. Now I am pretty much with the "the fix is in" people.
Sam1
(498 posts)No Madison Square Garden
or Fala
(fala begins @ 7:45)
speeches for our President.