Editor, The Times:
Banks of America! Sounds solid, doesn’t it? Stars and stripes, statue of Liberty – bring us your huddled masses, etc.
In a proper world, Bank of America would be a solid institution, a pillar of financial stability holding up the finances of the country with caution and integrity. A vital cornerstone in the financial health of the United States, one might say.
Not so, according to Matt Taibbi of Rolling Stone (Yes, rock and roll’s Rolling Stone). Where do you get your information? The Wall Street Journal, Financial Post, Forbes, Fortune, Fox, Global or any of those propaganda outlets dedicated to propping up a collapsing system? Who would you believe?
As Matt Taibbi points out, Bank of America has been involved in insane financial gambles that have necessitated more than one massive U.S. government bailout.
As one might have heard, a number of U.S. cities and countries have been forced to declare bankruptcy. Why? Well, it appears that, while supposedly managing the finances of their various cities and countries, Banks of America, Goldman-Sachs and other pillars of finance were shorting the U.S. cities in the interest and pocketing the difference. Competitive bids were squelched. As Taibbi points out, there is nothing these super ‘money men’ fear more than competition.
During the financial crisis in Greece a similar scheme involved Goldman Sachs (Goldman Sachs again?), which included betting against Greece’s recovery or some such thing. Of course, we were told that it was those lazy socialistic Greeks who were totally responsible for their financed predicament.
I’ve already dealt with the who do you believe!
The bankrupt American municipalities answer to their financial woes was to offer minimum wages to those who keep the city alive: firemen, policemen, and municipal workers. As usual, the money mongers stray and the peasants pay!
And so it will be until the aforementioned ‘peasants’ pay more attention to the likes of Matt Taibbi and less to the Wall Street Journal or the Financial Post.