NPR services Timmy by censoring Bill Black
Great post by Black on HSBC as the criminal enterprise it is. Here's a little tidbit at the end:
When the NPR story ran originally it contained a quotation from me noting Geithner’s long-standing opposition to prosecuting SDIs [Systemically Dangerous Institutions, i.e., "Too Big To Fail"] and the government’s incentive to reduce greatly the penalties on HSBC because it was an SDI. My quotation mentioning Geithner was removed from the NPR story at the request of Treasury and replaced with this “Clarification.”
Clarification: In an early radio version of this story, a former regulator [Black] was quoted speculating that Treasury Secretary Timothy Geithner did not want to put HSBC out of business. We should have made it clear that it is the Justice Department, not the Treasury Department that made the decision to defer prosecution of HSBC.
I was not “speculating” that “Geithner did not want to put HSBC out of business.” My statement was not only factual; it wasn’t controversial given the many insider exposes that have confirmed Geithner’s position on SDIs. .... The statement that Treasury got placed in the “clarification” is the same carefully crafted disingenuous statement that Treasury is using to obscure the continuing success of Geithner’s efforts to prevent prosecutions of the SDIs. What we now know definitively is how hyper-sensitive Geithner is to anything that brings to greater public attention his pusillanimous role in ensuring that fraudulent SDIs and the banksters that control them can commit their crimes with impunity from the criminal laws. As always, I emphasize the ultimate culpability for the shameful “too big to prosecute” indulgence granted to the criminal enterprise known as HSBC rests with President Obama and Prime Minister Cameron. It is also worth noting that the Republican Party and Governor Romney never protested this failure to prosecute and that Obama is largely continuing President Bush’s failure to even investigate seriously the banksters. Welcome to crony capitalism.
Needless to say, nobody should send NPR any money, and should be sure to tell them why. More importantly, Geithner (and Obama's) strategy of shuttupshuttupshutup isn't going to succeed forever.