Another thrilling installment from the Bank CEO Hearing featuring Rep. Gary Ackerman (D-NY) of the House Financial Services Committee that’s been mercilessly grilling nine “titans of finance” in Washington today.
WP columnist Stephen Pearlstein nicely captures the mood of fury in the land…
By now, I hope you’ve learned enough not to be taken in by the self-serving floor patter. These guys won’t be happy until the government agrees to relieve them of every last one of their lousy loans and investments at inflated prices, recapitalize every major bank and brokerage and insurance company on sweetheart terms and restore them to the glory days, so they can once again earn inflated profits and obscene pay packages by screwing over their customers and their shareholders.
For the Wall Street wise guys, bailout politics is just another game to be played, another market to be manipulated, another set of risks to be arbitraged.
Heh. No kidding. I watched Geithner’s announcement yesterday and was actually quite impressed by his sober and reasoned analysis of the situation and the way he articulated the challenges facing the Obama administration. Within a matter of minutes however (actually, before he’d even wrapped up his presentation) the Dow was tanking and all the pundits and so-called “experts” were contemptuously moaning about the lack of a specific plan that would deliver a sure-fire guarantee of salvation.
We live in crazy times…
Update: Politics in Action!