Wednesday, January 13, 2010

We're Not "Investing"

I was driving home this morning and happened to hear one of the banksters testifying before the Angelides Commission--I think from BofA. He suggested that the government had "invested" in the major banks. No, we did no such thing. We bailed them out. We put them on welfare. I was surprised not to hear laughter in the background.

And I don't expect Phil Angelides to do much to upset Wall Street and the rich people who depend on it. One need only look at his history to see what a disappointment he's likely to be.

Update: The banker in question was Jamie Dimon, the head of JP Morgan Chase. Yes, the people who send you weekly mailings attempting to get your credit card business. Dimon is also opposed to any consumer protection, I guess believing that you should be parted from as much of your money as he can get and then bail him out every few years when he loses it investing in some new "financial instrument."

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