03-20-2009, 06:12 PM
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----> Iron Mod <----
Join Date: Sep 2004
Posts: 31,547
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How Wall Street insiders are using the bailout to stage a revolution
Great article by MATT TAIBBI of Rolling Stone magazine.
Quote:
The Big Takeover : Rolling Stone
The Big Takeover
The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution
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Quote:
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In essence, Paulson and his cronies turned the federal government into one gigantic, half-opaque holding company, one whose balance sheet includes the world's most appallingly large and risky hedge fund, a controlling stake in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing businesses. Like AIG, this new federal holding company is a firm that has no mechanism for auditing itself and is run by leaders who have very little grasp of the daily operations of its disparate subsidiary operations.
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