Our whole system or Rule of Law and accountability has completely broken down at the highest levels of Government and banking. Our system is no better than the Banana Republics we grew up to mocking and despising - THAT's our system now...It's now starting to look like Jon Corzine and JP Morgan both are going to get away with hijacking customer funds. I predicted early on that 1) the original amount of missing $600 million in customer would funds would turn out to be a much greater amount and 2) that Corzine and Company would get away with robbing from the middle class and giving to the wealthy. There's just no justification whatsoever for that customer money disappearing - and that no one is being held accountable for it -other than that Wall Street executives feel entitled to loot and plunder the country's wealth free from fear of prosecution. It surprised me that no one involved in the banking collapse of 2008 was investigated or prosecuted. The entire situation was bleeding fraud and corruption. But it blows my mind that Corzine and JP Morgan can openly steal like this and get away with it LINK
Obama ran on a platform that included cleaning up Wall Street and DC. Not only has he not honored that promise - that pact with his supporters - but fraud and corruption has become a lot worse. In fact, it's gotten to the point where the perpetrators don't even try to camouflage their crimes, because they know the Government looks the other way and it seems that most people don't give a shit.
And Tim Geithner has decided that he can't be bothered with paying taxes or with subpoenas. It turns out that apparently Geithner, when he was head of the NY Fed, was involved in the transfer of $8 billion in assets from Lehman to JP Morgan - there's JP Morgan again - right before Lehman collapsed. The Lehman creditor's committee would like to bring Geithner in to ask him some questions surrounding his knowledge of the asset transfer. Geithner made 35 calls to then Lehman CEO Richard Fuld and 10 to JPM's Jamie Dimon the week before the asset transfer and the subsequent Lehman collapse. Geithner decided that he couldn't be bothered with answering questions so he simply ignored the subpoena. Now the creditor's committee is appealing to the judge overseeing the bankruptcy to compel Geithner to appear.
You can read the story about this HERE. What's mind-blowing about this is that Geithner is a public employee and should be held to the highest standard of integrity and truth. As a public servant, and especially since north of a trillion dollars of public money was used to prop up the banking system, Geithner should be jumping through hoops for the creditor committee. It's almost like he's taunting the entire legal system and the people who voted in his appointer, Obama, by ignoring the subpoena.
What better use of his time does Geithner have? Because, quite frankly, he's been completely useless as a public servant serving as Treasury Secretary. It really underscores what a joke our entire system as become.