- Prison Planet.com - http://www.prisonplanet.com -
Financial Titan Repudiates Geithner and Bernanke’s Entire Financial Strategy
Posted By admin On July 26, 2012 @ 2:12 am In Money Watch | Comments Disabled
Washington’s Blog 
July 26, 2012
It is – justifiably – big news  that former Citi CEO Sandy Weill said that we should break up the big banks , and separate traditional depository banking from speculative investing. Indeed, even congress members are confronting top government officials  on why they haven’t done this.
But Weill said 3 other equally important things today.
Secondly, Weill said that we have to restore transparency, so that nothing is hidden off balance sheet. (Leading economist Anna Schwartz told  the Wall Street journal in 2008: “The Fed … has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that [uncertainty] that the balance sheets of financial firms are credible.”)
Mr. Weill’s suggestions would go a long way toward fixing our broken financial system and giving us a shot at prospering once again.
Note: We are obviously not defending Weill’s horrific past actions, and he failed to mention prosecuting fraud, which is perhaps the most important action  we can take to help the economy recover . And we believe that bonuses and ill-gotten gains should be clawed back from every Wall Streeter who committed fraud .
However, we take our allies where we find them. And on the points he raised today, Mr. Weill’ is on the same side of the fence as all of the top independent economists and financial experts.
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/financial-titan-repudiates-geithner-and-bernanke%e2%80%99s-entire-financial-strategy.html
URLs in this post:
 Washington’s Blog: http://www.washingtonsblog.com/2012/07/former-citi-boss-reduce-leverage-to-15-times-assets-put-everything-back-on-the-books-and-mark-to-market-every-day.html
 big news: https://www.google.com/search?hl=en&as_q=weill+banks&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=d&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=
 we should break up the big banks: http://www.washingtonsblog.com/2012/07/the-banker-most-responsible-for-allowing-the-too-big-to-fail-banks-break-them-up.html
 confronting top government officials: http://www.washingtonsblog.com/2012/07/all-of-a-sudden-everyone-is-talking-about-breaking-up-the-big-banks.html
 told: http://video.cnbc.com/gallery/?video=3000104457&play=1
 Background: http://www.washingtonsblog.com/2011/12/insane-levels-of-leverage-by-the-too-big-to-fail-banks-not-deadbeat-borrowers-caused-the-financial-crisis.html
 told: http://www.washingtonsblog.com/2008/10/the-problem-was-never-liquidity-but-insolvency-and-we-should-let-insolvent-banks-fail.html
 here: http://www.washingtonsblog.com/2010/03/lehman-fraudulently-cooked-its-books-accounting-giant-ernst-young-helped-geithner-and-bernanke-winked-and-slapped-them-on-the-back.html
 here: http://www.washingtonsblog.com/2009/03/the-geithner-summers-bernanke-plan-to-prop-up-asset-prices-has-failed.html
 the most important action: http://www.washingtonsblog.com/2010/10/fraud-caused-great-depression-and-this.html
 help the economy recover: http://www.washingtonsblog.com/2011/03/top-economists-trust-is-necessary-for-a-stable-economy-but-trust-wont-be-restored-until-we-prosecute-wall-street-fraud.html
 should be clawed back from every Wall Streeter who committed fraud: http://www.washingtonsblog.com/2011/10/top-fraud-prosecutor-the-criminals-can-be-forced-to-disgorge-their-ill-gotten-gains-including-bonuses.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.