Obama’s Economic Fraud


April 6, 2009 by J. Madson

Bill Moyers Journal this week showed the fraud being perpetrated on the american public.

We now know that Obama’s economic adviser Larry Summers cashed in big:

Lawrence H. Summers, one of President Obama’s top economic advisers, collected roughly $5.2 million in compensation from hedge fund D.E. Shaw over the past year and was paid more than $2.7 million in speaking fees by several troubled Wall Street firms and other organizations. . . . Financial institutions including JP Morgan Chase, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch paid Summers for speaking appearances in 2008. Fees ranged from $45,000 for a Nov. 12 Merrill Lynch appearance to $135,000 for an April 16 visit to Goldman Sachs, according to his disclosure form.

$135,000 for a one day visit. The insanity is that this of course was paid out as an advanced bribe in April, 2008 when there was a good chance Obama or Hillary would win and Summers would find himself at the helm of the economy

Gleen Greenwald was excellent in pointing out how corrupt and evil the entire system is

And none of it seemed to bother Obama in the slightest when he first strongly considered naming Summers as Treasury Secretary and then named him his top economics adviser instead (thereby avoiding the need for Senate confirmation), knowing that Summers would exert great influence in determining who benefited from the government’s response to the financial crisis. It was Alan Greenspan, former Goldman CEO Robert Rubin (Geithner’s mentor) and Larry Summers in the late 1990s who tried to block the efforts of top regulators (especially Brooksley Born, head of the Commodities Futures Trading Commission) to regulate the exact financial derivatives market that became the principal cause of the global financial crisis.

Just think about how this works. People like Rubin, Summers and Gensler shuffle back and forth from the public to the private sector and back again, repeatedly switching places with their GOP counterparts in this endless public/private sector looting. When in government, they ensure that the laws and regulations are written to redound directly to the benefit of a handful of Wall St. firms, literally abolishing all safeguards and allowing them to pillage and steal. Then, when out of government, they return to those very firms and collect millions upon millions of dollars, profits made possible by the laws and regulations they implemented when in government. Then, when their party returns to power, they return back to government, where they continue to use their influence to ensure that the oligarchical circle that rewards them so massively is protected and advanced. This corruption is so tawdry and transparent — and it has fueled and continues to fuel a fraud so enormous and destructive as to be unprecedented in both size and audacity — that it is mystifying that it is not provoking more mass public rage.

I do not understand economic matters as well as I would like but this smells more and more like a kleptocracy to me in which wealth is being siphoned more and more from the peasant classes while we bicker over the peanuts that are left. Maybe this is what was always happening and we have been too pumped full of corn and entertainment to realize that Caesar and his crew have us in a soma induced stupor.

3 thoughts on “Obama’s Economic Fraud

  1. Forest Simmons says:

    It’s called the “revolving door.”

    This edition of Bill Moyer’s Journal was excellent. Besides the report on financial fraud and complicity of Democrats and Republicans in the cover-up the two winners of the Izzy Stone award were interviewed. Amy Goodman got a chance to tell about her experience of being arrested for not being an embedded journalist at a political convention.

  2. Michael IsBell says:

    The words of Samuel the Lamanite apply to us:

    ” 30 Yea, behold, the anger of the Lord is already kindled against you; behold, he hath cursed the land because of your iniquity.
    31 And behold, the time cometh that he curseth your riches, that they become slippery, that ye cannot hold them; and in the days of your poverty ye cannot retain them. “

  3. Grégoire says:

    Amy Goodman got a chance to tell about her experience of being arrested for not being an embedded journalist at a political convention.

    I found this to be very interesting and revealing also.

    The establishment uses diverse tactics to subvert the popular media. The idea that journalists now need to “embed” with establishment troops or risk being detained insures that the people are only going to get one side of the story.

    America desperately needs some new heroes in the judiciary who will have the moxie to put a stop to this.

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