After Lehman, IndyMac, Bear Stearns and now AIG, we must ask "Do they know what really happened ?". I will tell you. "If you are not cheating, You're not trying !" This motto was a saying to be lived by many in the financial district and they made as much money as possible, and did so with little oversight. How was this possible you might ask? Just ask Phil Gramm. The introduction of Gramm-Leach-Bliley Act in 1999 systematically deregulated the financial industry and allowed the "Cheating" to begin.
Gramm-Leach-Bliley
As Citibank merged with Travelers & Bear Stearns could now become an "investment bank", without FDIC scrutiny, the regulations that prevented "funny stuff" from going down were destroyed or at least laxed by the Gramm Act.
When a commercial bank fails, federal authorities have a good idea of its holdings and which of them can be salvaged. That's because commercial banks are regularly required to disclose troubled investments to regulators. Less scrutiny is required of investment banks and hedge funds.
With the new rules in place, greed showed it's ugly head. And, I believe, the person very much responsible for this is......PHIL GRAMM.
See Phil Gramm has a history in being involved in "Funny Money"...whether by accident or by his own LAWS. Whether lobbying for UBS as they (Congress) "relaxed" lending rules or simply having his wife sit on the board of Enron, it is just a coincidence or a sinster ploy that Phil Gramm seems to be on the wrong side of history as financial giants crash in America.
But hey, I could be wrong. Phil Gramm only stated recently "We have sort of become a nation of whiners. You just hear this constant whining, complaining about a loss of competitiveness." It's true Mr Gramm, that people tend to whine or even cry out when they are being stepped on.
But when do you realize your destructive policies that make a few rich and bankrupt or leave jobless many others is just plain immoral and would probably get you executed in China.
But instead of being executed, Phil Gramm went on to become John McCain's Presidential Campaign Co-Chairman, most senior ECONOMIC advisor and after stepping down in July 2008, continues to advise McCain on money matters. McCain said he doesn't really get the economy, so should we trust guys like this ?
Guys like Phil Gramm and John McCain want to run this country. But they are used to "Trying Hard". So when the rest of us go to the cheese line and our insurance policies aren't worth used toilet paper, just remember CEO Martin J. Sullivan. A Republican (RNC) contributor, who American International Group Inc (AIG) paid a $47 million severance package to resign (fire) in July 2008. I bet he will be ok in the long run. Remember this when you vote in November.
It all just goes to show that these guys really DO KNOW WHAT IS HAPPENING ON WALL ST !!!!
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