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Saturday, March 19, 2011

Is this the Change we can believe in?

From the DC underground:

Highly recommend Inside Job which we got from Netflix. This film truly deserves the Academy documentary award that it recently received. The DVD of the film was interesting in that it contained the director's comments and in depth deleted scenes. The one with Elliot Spitzer was particularly interesting in that he said that the mess that was created was not due to a lack of regulation but due to a failure of the regulators to act.

After watching this film and its message that the financial mess was a bipartisan effort with Republicans in the lead but Democrats being co-opted supporters. All those University economics/ business school professors from Columbia and Harvard like Obama advisor Larry Summers that made lots of money from this con-game makes you a skeptic of the whole system. Obama surrounds himself with advisors like Tim Geithner who approved government run AIG paying out $16 billion to Goldman at 100 % on the dollar without asking Goldman to take a discount on its CDS gambling. After watching this film, is it any surprise that the Obama administration has not moved to prosecute any of the evil doers?

In the savings and loan scandal of the late 1980s and 1990s, 1000 bank executives went to jail. Not a single one now has gone to jail even though the crimes and money involved were much bigger. We need Elliot Spitzer back in NY.

1. Relative to the criticism of the Obama administration in this film, I attach some excerpts from today's Post about Obama backing nuclear power:

"Some critics have charged that Obama's support for nuclear power can be traced to his political rise in Illinois, home to nuclear giant Exelon.

Those connections "run pretty deep," said Kevin Kamp, with the watchdog group Beyond Nuclear. "That begins to explain his policy."

Exelon has had ties to some of Obama's closest advisers.

David Axelrod, the president's longtime political strategist and former White House adviser, co-founded a consulting firm that worked for Exelon, though Axelrod said Friday he currently has no private clients.

Rahm Emanuel, Obama's former chief of staff and now Chicago's mayor-elect, helped broker the deal that created Exelon when he worked at the investment bank Wasserstein Perella.

Exelon's political action committee and its employees have given more than $340,000 to Obama's congressional and presidential campaigns over the years, including $4,300 from Exelon chief executive John Rowe, according to Federal Election Commission records.

Is this the Change we can believe in?

PS. Yesterday Bank of America's Countrywide unit got court approval for a $34 million settlement of a lawsuit that it overcharged for mortgage insurance. The homeowners alleged that Countrywide collected more than $892 million in mortgage insurance premiums without ever paying out a single penny. Nice money isn't it?

Countrywide denies any wrong doing. Countrywide and CEO Angelo Mozilo were at the epicenter of the subprime mess and were essential to creating it.


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