Remember Oct 2002, when then state-senator Barack Obama warned that Iraq would be a stupid war? It was radical, contradicting a wartime president, and might have destroyed his political future. But I believe that was the reason he, and not Hillary Clinton, was elected president in 2008. Yesterday, Sen. Elizabeth Warren had her own version of the Iraq war speech: She pointed out that Citigroup was able to insert a provision into a must-pass budget bill that allows it once again to gamble in default swaps with taxpayer-guaranteed bank deposits - making another vast taxpayer bailout of the banks well-nigh inevitable. She also pointed out how many Citigroup bankers have been in our government. Three of the last 4 Treasury Secretaries under Obama and Clinton were Citigroup alums. They were instrumental in makings sure the giant banks that were bailed out in 2008-09 were not broken into smaller, not-too-big-to-fail entities. Theres been a lot of talk from Citigroup that Dodd-Frank isnt perfect....Let me say this to anyone who is listening at Citi: I agree with you Dodd-Frank isnt perfect. It should have broken you into pieces.
Posted on: Sat, 13 Dec 2014 07:22:03 +0000
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