We all know about the TARP fund, the bailouts, corporate welfare, and all of the rest of the ways that our government uses taxpayer dollars to line the pockets of the wealthy, especially in the past year. The dreaded redistribution of wealth has already taken place, and will continue to take place, from the pockets of middle-class Americans to the bank accounts of the corporate and Wall Street elite. This is a fact of the present government.
Unfortunately, it seems that President Obama's Administration will be a continuation of this unjust practice. According to the Associated Press, Obama's Secretary of the Treasury, Timothy Geithner, is even more involved with the banks than we had ever thought.
Looking at Geithner's past, as we have before, his connections to Wall Street are obvious. As the President of the Federal Reserve Bank of New York, he was able to create a vast amount of contacts, especially with three banks in particular: Goldman Sachs, JP Morgan and Citigroup. Through the years, the connections have apparently gone strong; according to the Huffington Post, Geithner has regularly taken calls from the bosses at these banks. Says Matt Apuzzo and Daniel Wagner at the Post...
The calendars, obtained by the AP under the Freedom of Information Act, offer a behind-the-scenes glimpse at the continued influence of three companies – Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. – whose executives can reach the nation's most powerful economic official on the phone, sometimes several times a day.
The report outlines that some of these one on one talks with bankers outnumbers the amount of talks Geithner has had with Rep. Barney Frank (Chairman of the House Financial Services Committee) and Sen. Chris Dodd (Chairman of the Senate Banking Committee).
The fear that we should all have with Geithner is the fact that he and the President speak regularly and often, and President Obama has great trust in this man. Geithner can come to the President any time he wants, offering his advice and recommendations for how to move forward. In a way, Geithner is an inexpensive, yet powerful, lobbyist in the inside of the White House. There is nothing more profitable for the banks, and, undoubtedly, nothing more troubling for the American People.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment