Friday, September 18, 2009

Winners & Losers?

Typical slapdash mainstream journalism. Read Newsweek's facile report.

Missing among the Winners are: Bob Rubin, chair of Citicorp, ex chairman of Goldman Sachs, on whose watch Citicorp went wild with its derivatives and had to be rescued by Uncle Sam but he got away with a cool $500 million in cash compensation and stock options.

Alan Greenspan who kept interest rates low and lower fueling a hot bubble.

Hank Greenberg of AIG who poisoned the company's integrity by allowing creative accounting misrepresenting the truth financial conditions of the firm but paid only $15 million to SEC to settle his criminality.

Christopher Cox, former chair of SEC, who turned the other way while Wall Street and the Rating Agencies scratched each other's back misrepresenting the true nature of firms given AAA ratings.

John Mack, chairman of Morgan Stanley, who managed to squash a near certain verdict of wrong doings through his political connections.

You got the drift?

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