Thursday, April 22, 2010
You have been Enronned
As usual the President never fails to disappoint me. Behind the soft chatter and the wagging finger pointed at Wall Street traders Mr. Obama once again spoke to a crowd in Cooper Union’s Great Hall consisting mostly of supporters and students. Unlike President Lincoln, Obama prefers to speak to children and others who will not object to his meaningless blather that is merely salve to a nation that has been savaged and Enronned to death by Wall Street and worse, by a government that once belonged to the people of the United States. From the Wall Street Journal: “While the crowd, comprising mostly students and supporters, was largely receptive, the Wall Street executives filling the first three rows were considerably more subdued. Their hands remained in their laps when the president spoke of a bank fee to recover outstanding bailout funds and his plea to call off the industry lobbyists.” The Streets giants like Goldman Sachs, JP Morgan Chase, Morgan Stanley and others partnered with pseudo “private” agencies like Fannie Mae and Freddie Mac to sell their debt equity to unwary investors in a way that made analyzing the entire investment bundle impossible. It worked until the housing bubble burst. The house of cards began to fall and with it all the financial bedsores became visible. In came the American taxpayer. Asked to make the sacrifice that was required to keep the fat cats alive and system afloat the American taxpayer complied and will now have to pay for the next twenty years while the Nero’s of the world play on. It is clear to most of the financial experts that a sloth-like government will never catch a fleet-footed Wall Street trader unless it ties them up. It’s hard to believe that a President who has taken a Million in campaign contributions and a Democratic Congress that has taken $4.5 million in contributions from Goldman Sachs alone will produce any legislation that will bind the hands of Wall Street’s giant traders. It is clear that many small firms are headed to the chopping block, but those that made the greatest profits and biggest bonuses with taxpayer money will continue to borrow cheap and go long. America your President has sold you out. You have been Enronned.