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December 28, 2011

Must Read of the Day: Repo Men-- How Wall Street Bought Itself a President and Got a Cabinet Secretary For Free

From AndyU. in the sidebar. A put-that-in-your-pipe-and-smoke-it screed. (Link fixed.)

For a few measly millions, Wall Street not only bought itself a president, but got the start-up firm of B. H. Obama & Co. LLC to throw a cabinet into the deal, too — on remarkably generous terms. President Obama, for a guy prone to delivering prim and smug little homilies denouncing greed, greed, greed — the only of the seven deadly sins that truly offends Democrats (though Mrs. Obama has done some desultory work on gluttony) — is strangely comfortable among the Gordon Gekkos of this world. Shall we have a partial roll call? Beat the drum slowly and call out the names: With unemployment still topping 9 percent, the catastatic world economy teetering on the brink of another, even larger financial catastrophe, and trillion-dollar U.S. deficits as far as the green-shaded eye can see, let’s hear it for Obama’s first National Economic Council director, Lawrence Summers (of hedge-fund giant D. E. Shaw and venture-capital firm Andreessen Horowitz), who has had some nice paydays courtesy of Lehman Bros., JPMorgan Chase, and Citigroup. Let’s hear it for Citigroup’s Michael Froman, deputy assistant to the president and deputy national-security adviser for international economic affairs, for Hartford Financial’s Neal Wolin, deputy Treasury secretary, for JPMorgan’s William Daley, Obama’s chief of staff, and for his predecessor, Rahm Emanuel of Wasserstein Perella. Let’s hear it for Fannie Mae’s Tom Donilon, national-security adviser. (No, seriously: One of the luminous interstellar geniuses who brought Fannie Mae to its current aphotic state of affairs, upside down to the tune of trillions of dollars, is running national security, and the former director of the White House Military Office, Louis Caldera, was on the board of IndyMac when it finally went toes up — sleep tight, America!) And, lest we forget, let’s have three big, sloppy cheers for economic-transition team leaders Robert Rubin (Goldman Sachs, Citigroup) and folksy tax enthusiast/ghoulish billionaire vulture Warren Buffett.

That’s a pretty fantastic lineup, from Wall Street’s point of view, but the real bonus turned out to be Treasury secretary Tim Geithner, who came up through the ranks as part of the bipartisan Robert Rubin–Hank Paulson–Citigroup–Goldman Sachs cabal. Geithner, a government-and-academe man from way back, never really worked on Wall Street, though he once was offered a gig as CEO of Citigroup, which apparently thought he did an outstanding job as chairman of the New York Fed, where one of his main tasks was regulating Citigroup — until it collapsed into the yawning suckhole of its own cavernous ineptitude, at which point Geithner’s main job became shoveling tens of billions of federal dollars into Citigroup, in an ingeniously structured investment that allowed the government to buy a 27 percent share in the bank, for which it paid more than the entire market value of the bank. If you can’t figure out why you’d pay 100-plus percent of a bank’s value for 27 percent of it, then you just don’t understand high finance or high politics.

And he's just getting started.


digg this
posted by Ace at 06:04 PM

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