Top TARP Watchdog Calls For Banksters To Be Sacked!

Awesome!

http://www.calculatedriskblog.com/2009/04/tarp-watchdog-calls-for-bank-management.html

"Elizabeth Warren, chief watchdog of America's $700bn (£472bn) bank bailout plan, will this week call for the removal of top executives from Citigroup, AIG and other institutions ...

"The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous."

The report will also look at how earlier crises were overcome - the Swedish and Japanese problems of the 1990s, the US savings and loan crisis of the 1980s and the 30s Depression. "Three things had to happen," Warren said. "Firstly, the banks must have confidence that the valuation of the troubled assets in question is accurate; then the management of the institutions receiving subsidies from the government must be replaced; and thirdly, the equity investors are always wiped out."

Replace him with Warren, a far more impressive candidate for the job who has been on the side of working Americans for years.

He was pretty quiet until The Guardian (UK) printed an article yesterday, that said she was releasing a report in a couple of days, calling for heads to roll.

Geitner is a stooge.

Not a stooge.

Because she said it.

2nd article-check the date.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8308686

seems to have a good grasp of the situation...
I hope she has the influence to get things done.

...each time she's appeared on TV to explain what's going on.

who need to go to jail.

massive, massive fraud has taken place up and down The Financials.

and the list of those who've committed frauds (and who various sorts of fraud can be proven against) is whole lot longer than the few ringleaders in upper management.

I'd like to think that after the situation stabilizes (which will take at least year- probably more if the present Gaithner scheme doesn't work) that we'll see some acountability equal to the magnitude of the problem. Hundreds were convicted during the S & L debacles- which means upwards of 10,000 cases here.

I think she is exaggerating a little for effect, I mean, Fannie, Freddie, and AIG were all compelled by the government to change upper management.
But I appreciate the way she's doing it.
Prodding for action rather than criticizing outright.

means. lots of stock brokers told people that there was nothing safer than preferred banks stocks. a friend of mine had a broker she trusted, and he put half her money in lehman, and the other half in chase.
(i know very little about this stuff, so if that is not what she means, phew. good )

Absent government intervention, these stocks are all worthless anyway.

to recover by nationalizing only if the time to do so, when other options tried. I feel the admin is nearing there, but I also think Geithner was managing a lot at once. Stress tests just becoming known. The politics are horrendous on this, so I appreciate Warren strongly calling for this without harsh admin blame.

I think we're nearing where Geithner can become more blunt about specific conditions and entities.

something for Geithner to react to, rather than just seem like he's changing direction in a fickle manner.

Video: http://www.youtube.com/watch?v=CVCoZ-Cw9lw
I spent 10 minutes listening to this whiny CEO of Goldman Sachs talk about executive comp, bonuses, regulation...etc. Oh and how Goldman did NOT PROFIT FROM their business relationship with AIG...they (Goldman) would have just sold the collateral (securities) if AIG defaulted on their relationship.

The best part was when the PINK Signs (think it is CodePink) interrupted the BULLSHIT by going on stage. Remember when they went on stage with Karl Rove & said "you are under arrest".

This may be as close to justice & prosecution you are going to see folks.

AIG’s Bank Payments Probed By TARP Inspector General : http://www.bloomberg.com/apps/news?pid=20601103&sid=adO2frS9VJfY&refer=news

Thanks for the links, buddy.

I was just watching her a few minutes ago on Dan Rather's show on HD-Net. She's one smart cookie, and she's not happy.