The Corporate Middle Finger To The American People
I’m going to paraphrase what A.I.G. essentially said to us lowly taxpayers who bailed out their publicly cushioned asses: Fuck you, America, we want more.
The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue — the taking of what became a 92 percent stake in the company, the deal’s high interest rates and the funneling of billions to the insurer’s Wall Street clients — deprived shareholders of tens of billions of dollars and violated the Fifth Amendment, which prohibits the taking of private property for “public use, without just compensation.”
I will try to not cuss my way through this whole post, but ARE YOU FUCKING KIDDING ME?!?
For some context, Taibbi’s latest is a great distillation of the unbelievable deceit perpetrated against the American people:
We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.
Twitter these last few days has felt like an overwhelming inundation of unbelievable bullshit being shoved down our collective throat by corporate takers and rapers.
Dave Zirin over at The Nation has been utterly dismantling football with two must read articles:
If you haven’t maxed out on disgust yet, there’s the fiscal trough corporate pigs thrust their faces in while the media told us scary stories.
In addition to NASCAR and Disney, Goldman Sachs is always down for more loot:
Subsidies for Goldman Sachs Headquarters – Sec. 328 extends “tax exempt financing for York Liberty Zone,” which was a program to provide post-9/11 recovery funds. Rather than going to small businesses affected, however, this was, according to Bloomberg, “little more than a subsidy for fancy Manhattan apartments and office towers for Goldman Sachs and Bank of America Corp.” Michael Bloomberg himself actually thought the program was excessive, so that’s saying something. According to David Cay Johnston’s The Fine Print, Goldman got $1.6 billion in tax free financing for its new massive headquarters through Liberty Bonds.
Gee, I hope that offsets their forced divestment from sex trafficking.
It appears our appetite for this kind of abuse is bottomless.
Meanwhile, with debt ceiling looming, Obama is ready to offer up a tasty platter of concessions, like a diminishing dish called chained CPI while Django Unchained plays in the background.
It smells like cat food.
In conclusion, Taibbi:
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
Yeah, Social Security is the problem. No, really, for them it is.
Insecurity is easier to exploit.