Goldman Sachs, which lately has been caught in
a toxic spiral of potential misrepresentations (courtesy
of the SIGTARP report which plainly refuted the firm's claims
that it was not on the hook vis-a-vis AIG, and by the way, Ms.
Tavakoli, we are waiting for you to retract your apology to
the 85 Broad team) and horrendous PR (first Blankfein apologizing
for something, then Gasparino telling Lloyd he should step down),
may be the final straw that finally breaks open the Fed's "book
of death" (for the middle class, f/k/a "book of life"
for the banker cartel). Ahead of tomorrow's hearings on various
Fed transparency initiatives, Rep. Elijah Cummings is calling
for a complete tear down of the existing Fed structure, and
demands an overhaul to the "minimal accountability"
that the Fed is subject to courtesy of the current Wall Street
perpetuated (and
lobbied) status quo.
In the words of Bullet Tooth Tony, it would be
sadly ironic if it ends up being Goldman Sachs that gets the
fed into the pickle of complete transparency. At the end of
the day, if we want to even have a chance of preventing another
system collapse, one of the two has to happen: i) Goldman has
to be dismembered, with the very least being its prop trading
being ripped apart from the firm's agency core operations, or
ii) the Fed has to be not only audited, but to provide constant
information on who it is that is the recipient of generous taxpayer
bailouts day in and day out, as well as what securities make
up the collateral the various bail out programs, as well as
what marks these securities are ascribed by the Fed's less than
spectacular trading desk. No exceptions. If neither of these
changes, and the status quo persists, then another occurrence
of an AIG type blow up is not a question of if but when.
"When the people find they can vote themselves money,
that will herald the end of the republic." - Fall
Of The Republic - Buy
the DVD here
