Twenty-five people at the heart of the meltdown »
Posted By berkeley 11 months, 1 week ago in Political News
The worst economic turmoil since the Great Depression is not a natural phenomenon but a man-made disaster in which we all played a part. In the second part of a week-long series looking behind the slump, Guardian City editor Julia Finch picks out the individuals who have led us into the current crisis
Read Full Story at guardian.co.uk »
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berkeley
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nostalgia11 months, 1 week ago
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Interesting that Chuck Prince, former Citi boss is mentioned
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And who was responsible for overseeing Citi?
Geithner's risky oversight of Citigroup
As president of the New York Federal Reserve Bank, Timothy Geithner often preached that gargantuan financial firms like Citigroup should be held to the highest regulatory standards to make sure they couldn’t take on too much risk.
But when it came to supervising Citigroup in recent years, the record shows that the New York Fed eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history.
Now, the 47-year-old Geithner heads to the Senate in coming days as President-elect Barack Obama’s nominee for Treasury secretary. He’s won accolades for his expertise and work ethic, but there’s been little attention to his record as a Fed watchdog.
Geithner’s tenure at the New York Fed – which bore the major responsibility for supervising Citigroup – covers a tumultuous span in which the sprawling conglomerate spiraled from the country’s biggest banking company to one of its largest welfare cases.
http://www.politico.com/news/stories/0109/17437.ht...
And not even one Senator asked Geitner about this during the hearings
Wouldn't you think they would be interested in how Prince Timothy performed his job at the NY Fed??-
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flyonthewallzz11 months, 1 week ago
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It would not be hard for me to get on board with your thoughts about Timothy Geithner.
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Just curios: how about Eliot Spitzer?
At least he has experience dealing with ******.
Who would you recommend?
I did have a silly thought about Geithner (and I do mean silly): But a part of me thought it might be cool to have a guy who had screwed up his taxes in charge of the IRS.
I sure have screwed up my taxes in the past, and at least he has had a taste of the pain.
I am more uncomfortable with the fact that he was sitting in the epicenter of this sh!tstorm.
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k9kssr11 months, 1 week ago
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This is one of the better articles that I've read on who is responsible for the meltdown....fair and balanced.
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My question is, why can't those who created this havoc not be held accountable. There should be some type of malfeasance they could be charged with. Personally, I would like their assets to be frozen and returned to shareholders or to help defray the taxpayer burden of this mess.-
sonofreasonComment removed: Hard Banned
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4thchance11 months ago
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I sold off all my stocks and my IRA because I have NO trust anymore. As long as they are not going to hold all these people accountable, then this type of crap will never end. Therefore, I will just keep my money in my mattress. It could be many years before I have trust to invest my money again, if ever. I just don't care anymore, go ahead and let these pukes ruin our countries economy.
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There will be much more of this type of stuff coming. We can figure for every one person who gets caught at this, there's probably 10 more who have not been caught yet. Perhaps we should hold our government accountable for not doing anything to stop this crap, and for not holding anyone accountable for this crap! What is up with all this CRAP anyway?-
sonofreasonComment removed: Hard Banned
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mmrhe11 months ago
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All these years I've wondered where these people got their money to build these mansions going up all over the place
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Was it all a mirage?
Is this the reason for the New Disparity in Wealth?
If so, I fear that Dr Doom may be correct.
The entire US Bank system is corrupt! -
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moxxxxxxxxxx11 months ago
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Too much power in the hands of too few. We now know it doesn't matter what IVY League School you want to, who helped you to the top, or how much money you have that matters. Ethics, sense of moral obligation and social responsility far out weigh education and intelligence. We need to develop a way to assess and measure individual moral character before allowing them to have any measure of power. In the past the greedy, power hungry and unethical ones were weeded out by their peers. Today these slim balls are running corporations and the country. The common sense methods of Warren Buffet should guide our economic system.
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Albmore11 months ago
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The biggest crimminal of all is the Fed and on top of bail outs are giving out over $3 trillion of our money. They also refuse to disclose where and for what purpose it is being given. Its time for a revolution! Join the 4th party and help us fight for OUR land and OUR childrens future.
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jimdoze11 months ago
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Most notably missing on this list is that blowhard, Barney Frank.
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Top Five Industries Contributing to Barney" in 2007-08
Securities & Investment $224,000
Real Estate $219,851
Insurance $199,548
Lawyers/Law Firms $185,728
Commercial Banks $114,700
Frank also was under influences, other than money, in his stalwart deflection of questions regarding programs fostered by Fannie Mae. -
sonofreasonComment removed: Hard Banned
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bidding-directory-listComment removed: Hard Banned2 Replies
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