Paulson censors compensation numbers on Bank of New York bailout contract, despite promises of "Transparency"
Remember Neel Kashkari*, the Goldman Sachs "creative class" gofer who's running the trillion dollar bailout for Goldman Sachs CEO Hank Paulson's golfing buddies at the big banks?
Here's what Neel Cash-and-Carry had to say about process at his bailout press conference just over a week ago:
Consistent with Congress' intent, we are committed to transparency and oversight in all aspects of the program ...
That was then. This is now. So how's that "transparency" thing working out?
Via the excellent Bailout Sleuth:
Outsourcing the bailout to contractors is really a beautiful racket, isn't it?
First, the financial system of the entire world goes tits up because these guys sold themselves and their clients a ton of toxic derivatives that nobody knows how to value -- taking huge salaries and bonuses, which was the point of the exercise. Then, with the Bush + Reid + Pelosi + Obama bailout bill, we give these guys an initial bailout tranche of $250 billion -- $70 billion of which these guys will take in huge salaries and commissions, which was the point of the exercise. And now they're going to use the rest of our money -- this is the contract you see above -- to "inject capital", as government contractors, into very same institutions they destroyed as infestment bankers -- taking huge salaries and commissions, which is the point of the exercise. And you know that has to be happening, because why else black out the numbers?
Always, with these guys, it's all about the compensation. That's all this is. Has that magical, elusive, mysterious essence called "confidence" been restored? If so, it's because these guys have been assured that they can still stick their snouts in the trough with impunity. Fuck them, and fuck the Villagers who made it all possible.
NOTE Last I checked, there was some sort of election going on. You'd think that when a trillion dollar giveaway of taxpayer money turns into looting as usual, one of the candidates might make an issue out of it. Maybe the Democrat? But I guess not. That would be populism. Anyhow, the Village agrees the bailout's a good thing, the press has called the election, everybody's b-o-o-o-o-o-o-r-e-d, and while Pottersville turns into Peaksville, they're all Hey! How about the O-man's branding strategy? It's called a kleptocracy because it klepts.
NOTE * What is it with these finance guys and bald heads, anyhow? Or is Kashkari just emulating the guy at the top of the food chain?
NOTE Goldman Sachs is my parasite! Have you adopted a parasite to post on?