Every time I think I cannot be more disgusted in the American political system and its ruling plutocracy’s unbearably putrid arrogance, I just have to wait one more day. It is almost hard to keep anything down these days. What happened in our Congress last week was beyond my wildest nightmares of the end game for the American Crony Capitalist Fascist Empire. It truly laid me low for a few days…
So Citi might as well do just this, after all they and the handful of other financial criminal enterprises already own the nations theoretical representatives of the “peoples” will.
Tracy Klugian, a spokesperson for Citi, said that the company had leased thirty thousand square feet of prime real estate on the floor of the House of Representatives and would be interviewing “world-class architects” to redesign the space to suit its needs.
According to sources, Citi successfully outbid other firms, including JPMorgan Chase and Goldman Sachs, for the right to move its headquarters to the House floor.
The Citi spokesperson acknowledged that the extensive makeover of the House is expected to cost “in the millions,” but added, “It’s always expensive to open a new branch.”
Explaining the rationale behind the move, Klugian told reporters, “Instead of constantly flying out from New York to give members of Congress their marching orders, Citigroup executives can be right on the floor with them, handing them legislation and telling them how to vote. This is going to result in tremendous cost savings going forward.”
Klugian said that Citi’s chairman, Michael E. O’Neill, will not occupy a corner office on the House floor, preferring instead an “open plan” that will allow him to mingle freely with members of Congress.
“He doesn’t want to come off like he’s their boss,” the spokesperson said. “Basically, he wants to send the message, ‘We’re all on the same team. Let’s roll up our sleeves and get stuff done.’ ”
Cronyism and ensuring American taxpayers bailout the finance industry during the next crash: Nostradamus like spending bill will ensure big banks never fail with your money.
Do you smell what is in the air? Pine trees? No. Something with a more pungent smell. There is a wonderful whiff of cronyism floating around Washington D.C. In the latest government kabuki theater there was some interesting items being passed. There were major protections given to banks should trillions of dollars in derivatives blow up during the next market correction. While the public is enjoying a few dollars off in gasoline prices so they can spend more money they don’t have during this holiday season, the latest government/banking spending bill was passed by slim margins but puts the taxpayer on the hook for trillions of dollars of risky derivative bets. Great timing given the energy markets are imploding so we know some hedge funds are taking it in the shorts and will likely come to D.C. hat in hand to cash in on those generous campaign donations. Central banks have done very little to help US households because incomes simply are not keeping up in the face of inflation. The latest bill is something to behold.
Jesse’s Café Américain: Reprise: The Quiet Coup d’Etat in the Anglo-American Financial System
“The fine thing about pacts with the devil is that when you sign them you are well aware of their conditions. Otherwise, why would you be recompensed with hell?”
==Umberto Eco, The Name of the Rose
I think I ought to republish this as a reminder every few years, until reform has been achieved, or until the Internet goes dark.
Have we heeded Simon Johnson’s warning? Has he proven to be prescient? Is crony capitalism and the kleptocracy becoming bolder, more aggressive, ever more demanding?
“I think I’m signaling something a little bit shocking to Americans, and to myself, actually. Which is the situation we find ourselves in at this moment, this week, is very strongly reminiscent of the situations we’ve seen many times in other places.
But they’re places we don’t like to think of ourselves as being similar to. They’re emerging markets. It’s Russia or Indonesia or a Thailand type situation, or Korea. That’s not comfortable. America is different. America is special. America is rich. And, yet, we’ve somehow find ourselves in the grip of the same sort of crisis and the same sort of oligarchs…
But, exactly what you said, it’s a small group with a lot of power. A lot of wealth. They don’t necessarily – they’re not necessarily always the names, the household names that spring to mind, in this kind of context. But they are the people who could pull the strings. Who have the influence. Who call the shots…
…the signs that I see this week, the body language, the words, the op-eds, the testimony, the way they’re treated by certain Congressional committees, it makes me feel very worried.
I have this feeling in my stomach that I felt in other countries, much poorer countries, countries that were headed into really difficult economic situation. When there’s a small group of people who got you into a disaster, and who were still powerful. Disaster even made them more powerful. And you know you need to come in and break that power. And you can’t. You’re stuck….
The powerful people are the insiders. They’re the CEOs of these banks. They’re the people who run these banks. They’re the people who pay themselves the massive bonuses at the end of the last year. Now, those bonuses are not the essence of the problem, but they are a symptom of an arrogance, and a feeling of invincibility, that tells you a lot about the culture of those organizations, and the attitudes of the people who lead them…
But it really shows you the arrogance, and I think these people think that they’ve won. They think it’s over. They think it’s won. They think that we’re going to pay out ten or 20 percent of GDP to basically make them whole. It’s astonishing….
…these people are throughout the system of government. They are very much at the forefront of the Treasury. The Treasury is apparently calling the shots on their economic policies.
This is a decisive moment. Either you break the power or we’re stuck for a long time with this arrangement