FINANCIAL INQUIRY COMMISSION BRINGS BANKS' ADMISSIONS THAT TOO BIG TO FAIL IS OUR NEW PARADIGM, WITH BONUSES FOR FAILURE, NO LESS!

Written by Jim McGrath Wednesday, 13 January 2010 21:55

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GOLDMAN SACHS' CEO ESSENTIALLY ADMITS "TOO BIG TO FAIL" IS THE NEW PARADIGM, SHOWING THEY HAVE US HOSTAGE AND THEY KNOW IT!  They have hidden their toxic debt instruments so cleverly, intertwined them so intricately, so inscrutably, around the globe, that we must do something. We have only to see the decimation of villages in faraway countries, in own municipalities bonds and in our pension funds, to begin to fathom the tentacles.  See the video below, of Goldman Sach's chief executive acknowledging that too big to fail is a new reality we all must cope with.  WITH BONUSES FOR THIS CLEVER WORK NO LESS! As Huffington Post reporters Nasiripour and McCarthy write:

"If there was any doubt that Wall Street thinks the government will step in to save "too big to fail" firms, Goldman Sachs CEO Lloyd Blankfein dispelled it on Wednesday morning.

In response to a question about whether the federal government would prevent one of his three counterparts at today's hearing -- Bank of America, JPMorgan Chase and Morgan Stanley -- from failing, Blankfein essentially said that the government would in fact step in.

"I think tomorrow in the context of this environment, at some level the government would intervene." "Because of the fragility of the system," Blankfein said, the government would be forced to step in.

In other words, 'too big to fail' is real. And Wall Street knows it.

Blankfein qualified his answer by stating that perhaps the government wouldn't have stepped in a year and a half ago, nor would they perhaps step in a year from now."

See story and video at: http://www.huffingtonpost.com/2010/01/13/financial-crisis-commissi_n_421461.html

IN FRONT OF THE FINANCIAL INQUIRY COMMISSION, BANKERS SAID WE'RE SORRY.   BUT WE'RE SORRY, TOO.  GIVE US BACK OUR PENSIONS, SAVINGS, MUNICIPAL SERVICES, ETC., ETC., TANKING DUE TO YOUR ABDICATION OF FIDUCIARY LEGAL RESPONSIBILITY, NAY, HEADLONG PURSUIT OF GREED AT OUR EXPENSE. As Chairman of the Financial Inquiry Committee observed, their investment practices were like selling cars with bad brakes and then taking out insurance policies against them, thinking they would fail. AND FOR DO THOSE RESPONSIBLE GET BONUSES?

Sorry doesn't cut it; we think that the big banks ought to put their money where their apologies are. Congress, too, by taxing and clawing back these monies obtained by fraud under the guise of financial innovation, and by taxing these bonuses, rewarded really for at best, poor performance, and at worst, ill-gotten gain.