Every time I read stuff like this I am stunned and outraged all over again. "The chief architects of deregulation in the 1990s included Sen. Phil Gramm, President Bill Clinton and Treasury Secretaries Robert Rubin and Larry Summers. That deregulation cost millions of Americans their jobs and millions more their life savings. But the parties behind it did just fine. Gramm went to work for UBS bank immediately upon leaving the Senate in 2002, and is now vice-chairman of its investment banking division. Robert Rubin eventually headed up Citigroup, the megabank whose creation was made possible when his Treasury Department pushed for a then-illegal merger between Travelers and Citibank. Rubin was to become deeply implicated in the fraud and scandal which led to the 2008 crisis, although he claimed ignorance of his own bank’s doings and never faced prosecution. Larry Summers has made millions from Wall Street banks. Bill Clinton made tens of millions “advising” two investment funds belonging to billionaire Ron Burkle. Exactly how much isn’t known, but a very public falling out involved Burkle’s alleged “stiffing” of Clinton on a final $20-$25 million payment. Clinton went on to serve as an advisor of Teneo Capital until February 2012. Hank Paulson of Goldman Sachs was George W. Bush’s Treasury Secretary. Barack Obama’s first Treasury Secretary, Tim Geithner, is now collecting huge fees on Wall Street. Obama’s second Secretary, Jack Lew, was an executive at Citigroup. His former economic advisor, Peter Orszag, has traded places with Lew and is now at Citigroup. Obama’s former Chief of Staff, Bill Daley, broke the Democratic mold by working at JPMorgan Chase." alternet.org/economy/7-signs-america-has-regressed-back-harsh-cruel-19th-century?akid=11011.1079761.137Z7j&rd=1&src=newsletter905710&t=17&paging=off¤t_page=1#bookmark
Posted on: Sat, 05 Oct 2013 01:39:39 +0000
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