At the Mercy of the Repairman
Matt Taibbi latest exposé in Rolling Stone is an eye-opener. He reports on a recently-concluded, and totally-ignored-by-the-MSM, trial that took place in Manhattan.
The article reveals more than a decade of fraud perpetrated by TBTF banks and their middlemen.
"The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion. By conspiring to lower the interest rates that towns earn on these investments, the banks systematically stole from schools, hospitals, libraries and nursing homes – from "virtually every state, district and territory in the United States," according to one settlement."
The explanation the defendants' lawyers offered?
"Siffert tried to lay this outrageous load of balls on the jury using a faux-folksy analogy. "When your refrigerator breaks down, if you're not mechanically inclined, you're at the mercy of that repair person," he told the jury. "And if he repairs the refrigerator, makes it work well, charges you a fair price, you're likely to call on him again when the stove breaks." What he was essentially telling jurors was: This shit is complicated, so best just to leave it to the experts. Whether they're fixing a fridge or fixing a bond rate, they get to set the price, because we're all morons who are dependent on them to make our world work. Siffert, in his scuzzy way, was actually telling us an essential economic truth: You're at the mercy of that repair person."
For most of you this probably isn't a revelation, but the media's lack of coverage is telling and goes a long way toward explaining how we came to this impasse. Big finance, with convoluted financial instruments purposely devised to be beyond the understanding of the average person, have left most Americans "at the mercy of the repairman."