Kissing the Ring of the Banking Mafia
Even after years as a corporate economist, I could hardly comprehend the pride and arrogance that exists within the minds of the banking mafia were it not for one simple fact. You might think that beggars couldn’t be choosers unless you consider that the beggars have their own guys on the inside. From central bankers to commercial bankers to Wall Street mafioso, the banking mafia has moved into the political front of influence and power as the salvation of the new U.S. administration. What is the U.S. government doing? Involving themselves in a little ring kissing.
In private industry or in the world of everyday Americans, the borrower, especially a desperate borrower who is already bankrupt, doesn’t have the privilege of dictating the terms of his bailout. The one with the money is the one that sets the rules or at least those were the rules of the old capitalism.
The last two Treasury Secretaries, intimate insiders, proclaim selflessly that banks and financial institutions will not take proffered bailout money if it hurts the personal and financial interest of their executives. That has politicians shaking in their boots instead of exercising their authority by strapping arrogant criminals off to jail. The nation clearly doesn’t operate by the innocent until proven guilty ideal in this current age, so what are we waiting for when it comes to the world of finance? Instead, the criminal and the incompetent are still running the show.
The only solution is not to make banks and their snooty executives thrive and prosper after ruining the national and global economy because they could. Bankers aren’t even cooperating or following the mandates of lawmakers. Even worse, bad business practices should not be encouraged or artificially prospered and that is what the nation is doing in the name of confidence.
The nation doesn’t have a need to kiss the ring of the banking mafia, yet that is what panicked politicians and insiders want to do. How gutless can America be in the face of criminal conduct and complete lack of accountability? Bankers proclaim that they are patriots first and bankers second. How laughable! Unfortunately, what Timothy Geithner indicated on his Tuesday night briefing was that business as usual on Wall Street and in the banking community must continue. Did America vote for more obscene profits, the complete lack of accountability and the justification of the Wall Street bubble? I think not.
This debacle isn’t just about crime or revenge of the American public. National security is at stake. Lives are at stake. What is worse, the civil rights of every American have been violated in the name of capitalism. As usual, the Feds are ignoring the violation. They just want to run the show. What goes on off stage is simply ignored unless we remind them what we really know. ~ E. Manning