Warren, Head of TARP Oversight Panel, Criticizes Bailout of ‘Frankenstein’ AIG This is tame. (Warren's full prepared remarks) The truth is ugly, and AIG is just the most obvious and egregious case. They are all arrogant, obtuse, and ungovernable.
The whole outrage about the bailouts garbage is that it said to all Americans These Banks Are Exempt From The Rules Of The Free Market Governing Failure, You Have To Take The Losses Instead!. They got a "Get Out Of Bankruptcy Free" card, on our goddamn dime!!
The Teabaggers talk about "Socialism"?? Well, bank bailouts are nothing more than socializing losses. The profits, and bonuses, are still private, as their shopping habits attest - The Bonus Bounce and Hamptons again warmed by Wall Street's glow.
We, the taxpayers, paid for most of that, by bailing out megabanks and propping up the rigged shell game that is the stock market these days. Where's my cut, bankster?
The big banks must be allowed to fail and go though ordinary bankruptcy. The high flying brokers need to spend a few months eating rice, beans and ramen. Exempting these creeps from the rules that apply to us little folks (paying your debts, losing it all when your business goes bankrupt, etc) is bad for business, bad for the country, and a horrible precedent to set.
The people who engineering this garbage need to do jail time for fraud - they defrauded their customers and the US taxpayers. Let them wear prison stripes and "trade" bars of soap.