Geithner's world part 1: 3 years of Immunity for Bad Bankers

[xchrom]

http://www.nationofchange.org/geithner-s-world-part-1-three-years-immunity-bad-bankers-1336224817


Here's a walk down memory lane that's worth taking, even if it makes your blood pressure spike a little: Three years ago Tim Geithner was in the position of having to explain why the Federal government wasn't going to nationalize the nation's failing banks. In 2009 many people expected that to be part of the government's bank rescue plan.

Only three years. It seems so long ago, doesn't it?

In 2009 there was a very compelling argument for a Federal takeover over these failing institutions, which had been so negligently (and very possibly criminally) mismanaged could no longer survive on their own. And while nationalization wasn't the only course worth considering, this snapshot from our national past reflects the gravity of the crisis caused by bankers.

It's also a useful reminder of the extent to which bank CEOs failed to pass even the most basic test of executive competence - namely, not destroying your own corporation.

Three years ago bank CEOs expected that the Administration would take firm measures against them as it rescued and restructured their institutions. That would have been the logical thing to do. After all, an entire set of corporations has failed spectacularly, shattering the global economy and forcing taxpayers to provide them with hundreds of billions of dollars in rescue money.

[orpupilofnature57]

1. The isle of desolation ,and that boyish charm

that put us there ,and the esoteric relationship with our government funded by our lives.

[msongs]

3. that's not a very nice thing to say about..... nt

[gratuitous]

2. We can argue all day long . . .

We can argue all day long about who wrecked which bank, who got paid a fuck of a lot of money to do so, and how close we came to another Great Depression, but the fact of the matter is that the banksters are darned mad, too! So, let's just say everyone made mistakes, pump a lot of money back into these failing or near-failed institutions, and put the very same people back in charge of it all, without any strings attached.

There. It's all fixed now, and I'm pretty sure the people who may have caused the last catastrophe have learned their lesson.