Six More Years of Fraud and ZIRP
Tag: William Banzai
THEY HATE US FOR OUR FREEDOMS
SHITIBANK
“Citigroup is a very large bank that has amassed a huge amount of political power. Its current and former executives consistently push laws and regulations in the direction of allowing Citi and other megabanks to take on more risk, particularly in the form of complex highly leveraged bets. Taking these risks allows the executives and traders to get a lot of upside compensation in the form of bonuses when things go well – while the downside losses, when they materialize, become the taxpayer’s problem.
Citigroup is also, collectively, stupid on a grand scale. The supposedly smart people at the helm of Citi in the mid-2000s ran them hard around – and to the edge of bankruptcy. A series of unprecedented massive government bailouts was required in 2000-09 – and still the collateral damage to the economy has proved enormous. Give enough clever people the wrong incentives and they will destroy anything.
Now the supposedly brilliant people who run Citigroup have, in the space of a single working week, made a series of serious political blunders with long-lasting implications.
Their greed has manifestly proved Elizabeth Warren exactly right about the excessive clout of Wall Street, their arrogance has greatly strengthened a growing left-center-right coalition concerned about the power of the megabanks, and their public exercise of raw power has helped this coalition understand what it needs focus on doing – break up Citigroup.”
Simon Johnson: Here
DEBT COASTER
This coaster was such a fun ride
But Neo-Keynes morons have lied
When we get to the end
Of “Let’s Play Pretend”
We’ll see that our system has died
The Limerick King
WE TORTURED SOME FOLKS
SEASON’S BEATINGS
“They are worried that folks will get angry and violent when they read the purported findings of the report and therefore it is unconscionable to release it. And that dear friends, is the modern principle of American transparency in a nutshell.” – William Banzai
CHOKEHOLD ON LADY LIBERTY
“I know the police cause you trouble; They cause trouble everywhere. But when you die and go to heaven; You find no policeman there” —Woody Guthrie
