Mr Geithner and Mr Summers [and their boss] want to preserve the banking system largely as it is.
As the sun streamed through the glass ceiling of London’s 40-story “Gherkin” tower in May 2007, Thomas Jasper raised his champagne glass.
Almost 25 years after the former Salomon Brothers Inc. banker transformed the derivatives market into a trillion-dollar industry, his latest venture, Primus Guaranty Ltd., was poised to make unprecedented profits.
However -- and I hope this is cynical enough; I do try -- the whole point of the stress tests is that they are a lie. The whole point is to lie, have everyone know it's a lie, and get away with it; the worst kind of power trip imaginable. Read more about The lying will continue until confidence improves
MERS, a tiny data-management company, claimed the right to foreclose, but would not explain how it came to possess the mortgage notes originally issued by banks. Judge Logan summoned a MERS lawyer to the Pinellas County courthouse and insisted that that fundamental question be answered before he permitted the drastic step of seizing someone’s home.
“You don’t think that’s reasonable?” the judge asked.
Indeed. You might build a "progressive" "movement" on truthiness and lies, but you can't build a left, or even a liberal movement that way. Lies are extremely expensive to propagate and maintain. In fact, it can take an entire "creative" [cough] "class" to do so -- especially if we include the Wall Street quants and hedge fund managers in there, as I think we must. But we can't afford the lies -- in any sense. Read more about I heart BTD
(As Hunter Thompson once wrote.) Scott Horton (go read), after reviewing the OLC memoranda, then a newly declassified report of the Senate Armed Services Committee, and finally an amazing document that Attorney General Eric Holder released yesterday, which has still gained little attention, writes:
The central role played by Rice and Bellinger helps explain the State Department’s abrupt about-face on international law issues related to torture immediately after Rice became Secretary of State and Bellinger became Legal Adviser. [The Holder document] also makes clear that Vice President Cheney and President Bush were fully informed of what has happened and approved.