Forum Post: Why aren't Larry Summers, Alan Greenspan and Robert Rubin in Jail?
Posted 12 years ago on Nov. 29, 2011, 11:31 p.m. EST by silverspider
(33)
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These scumbags fought hard to repeal the Glass-Steagal Act - an act put in place to keep banks from speculating in risky Wall St securities....these nasty criminals are a big part of why there are no jobs and a weak economy....
Now that another slow motion global economic collapse is moving toward our shores in clear daylight, the government has become interested in taking action after the fact, in Obama’s second term, instead of preventing it from happening in the first place. Does there seem to be reluctance to select qualified women to positions of responsibility and authority, other than Hilary Clinton?
In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation's worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.
"I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member of President Clinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and former Treasury Secretary Robert Rubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."
Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by a Washington outsider like Born. "I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"
Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties in Washington were united in a belief that the markets would take care of themselves."
Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.
"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."
Three Stooges of Deregulation Rubin Greenspan and Summers
http://dailybail.com/home/pbs-frontline-the-warning-how-greenspan-summers-rubin-conspi.html [right click]
The White House continues to fend off criticism from within its own party over one potential nominee for Chair of the Federal Reserve: the oft-maligned former Obama Economic Advisor Larry Summers. Obama followed up a Capitol Hill meeting in which he scolded Congressional Democrats for their criticism of Summers, with a press conference last week telling reporters, “I think the perception that Mr. Summers might have an inside track simply had to do with a bunch of attacks that I was hearing on Mr. Summers preemptively, which is sort of a standard Washington exercise that I don’t like.” But even after the scolding from the White House, Senate Majority Leader Harry Reid remained highly skeptical of Summers as Fed Chief, telling Salon’s Joan Walsh, “ultimately, it will be so divisive within the caucus, it may not be worth it.” And a new Bloomberg poll of economists that finds a majority believe Federal Reserve Vice Chairwoman Janet Yellen —not Larry Summers—would be the best pick for the job. Senate Democrats are currently circulating a letter supporting Yellen.
Obama Defends Summers for Fed Head
http://tv.msnbc.com/2013/08/16/debate-over-fed-chair-heats-up-as-obama-doubles-down-on-summers/ [right click]
How would that be accomplished? Why not have tax brackets for 90%, 99% and 99.9% for multi-millionaires and billionaires? [as if they could count to a billion!]
JP Morgan Traders Face Charges
http://dealbook.nytimes.com/2013/08/08/inquiry-into-jpmorgans-trading-loss-enters-final-stage/ [right click] [right click]
No Jail for Banksters in the Real World
https://www.youtube.com/watch?v=j615aokEA_Y [right click]
http://www.youtube.com/watch?v=4Z9WVZddH9w
Part of the Zionist cabal that's why. Even if arrested (which won't happen), they'll walk...
Dual national citizens should not be allowed to occupy any government office due to conflict of interest.
"Why Do So Many Americans Betray Their Country for Israel?" http://www.veteranstoday.com/2011/11/29/israeli-spy-and-american-traitor-jonathan-pollard-pressure-building-for-his-release/
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