Abigail Field: The Lying Bankers Scandal as Bailout Theater

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Abigail Field: The Lying Bankers Scandal as Bailout Theater

Abigail Field: The Lying Bankers Scandal as Bailout Theater

Abigail C. Field-

The Lying Bankers Scandal should be called the Bailout Theater scandal. I don’t mean the perhaps decades-long part where traders manipulated LIBOR by 0.01% or so, up and down, for personal profit. I mean the part that started in 2007 when the bankers lied by much more so they’d look healthier than they in fact were. That part is bailout theater because Friday’s data dump by the New York Fed proves the Fed and other “regulators” knew what was happening and effectively approved.

Why? Apparently the Fed decided that allowing criminal fraud was necessary to calm markets, even though the fraud did nothing to actually make the banks safer or sounder: Bailout Theater. And for that, the top guy at the NY Fed at the time, our current Treasury Secretary Timothy Geithner needs to be fired by President Obama and indicted if possible by Eric Holder. Not that I’m holding my breath on either point.

[REALITY CHECK]

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One Response to “Abigail Field: The Lying Bankers Scandal as Bailout Theater”

  1. Sarah says:

    They are all in on the scam. Why would they fire each other or indict any of their friends? Makes for good reading, but each scandal other than say Madoff, and the perps simply walk, shuffle chairs or deal with embarrassing emails. Their justice system is different then ours.
    However, I’m in the spirit of things: after Geithner is fired, Obama can fire Holder, after Holder assists with the impeachment of Obama, enact forced dismissals at the Fed, NY Fed, Fannie, FHFA, OCC, removal of two or more Supreme Court Justices, the arrest of 6 Bank CEOs, and we should be on our way to helping homeowners.

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