EVEN BEFORE HIS FIRST DAY IN OFFICE, BARACK OBAMA HAD SUCKED IN MORE BRIBES FROM BANKSTERS THAN ANY PRESIDENT IN HISTORY.
HOW WELL DID THEY DO?
“Goldman Sach’s Lloyd Blankfein officially became a billionaire in July, according to the Bloomberg Billionaires Index. JPMorgan on Thursday announced that CEO Jamie Dimon's 2015 total compensation was $27 million — a 35% raise from the year before. Dimon also became a billionaire in 2015.”It seems not long ago that Wall Street was packaging up Collateralized Debt Obligations, faulty sub prime mortgages, and dealing them off to unsuspecting customers. Credit Default Swaps were flung about with outfits such as AIG, in which the viability of these packaged securities were “insured” against default.
Goldman Sachs was caught, not by authorities, but by the market. As the securities failed, some of their own design, Goldman was forced to make clever moves such as becoming a commercial bank, overnight. This move positioned themselves up for the coming flow of money and generous considerations.
Hank Paulson, the Secretary of the Treasury and former Goldman CEO, went to work to defuse the crisis. Not only did he “put out the fire” with unaudited dispensing of massive amounts of federal money, he apparently “filled the swimming pool” as well. He turned a lemon for the big shots on Wall Street into not just lemonade, but limoncello.
Flash forward. Just reported,
The old saying that” if you lose a lot of money, the bank owns you. If you lose a tremendous amount of money, you own the bank.” And, to add a phrase, if you fail on such a scale that it approaches systemic dimensions, you own the Federal Reserve and the Treasury. And they did. Becoming a billionaire is a curious reward.