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Message: The People versus The Oligarchs. By Donald Ruffkin

The People versus The Oligarchs. By Donald Ruffkin

posted on Mar 10, 2009 07:18AM

I like this excerpt

Former chief of the IMF Simon Johnson takes it one level further and believes we have been and continue to be ravaged by the business elites in the US (source). I agree with his assertion, as do many other people. They look askance at the large number of Goldman alumni occupying positions of political power. At the backdoor bailouts to Goldman via the capital injections into AIG. At the fact that PIMCO, Blackrock and Goldman Asset Management are 3 of the biggest consultants helping the Fed and the Treasury manage their bailouts - conflict of interest? At the fact that Goldman was the biggest individual beneficiary of the AIG bailout. At the fact that Wall Street, in aggregate, got paid 2004-level bonuses in 2008. 2004 level bonuses? Are you kidding me? They would not exist if it was not for bailout money. We have privatized gains, and socialized losses.



Comment: Bailout without regulation is sellout of the taxpayer and non-banker citizen.

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