Health, Myths, Fraud and the Crisis

Posts tagged ‘banksters’

Will “God’s worker” end up in court?

I read that Goldman Sachs ( Blankfein : I am doing God’s work ) has received a subpoena from the office of the Manhattan district attorney.

Does this mean that Goldman’s CEO Loyd Blankfein will end up in court? Certainly not, the Obama administration is not called Government Sachs by coincidence. I rather suspect that they will be offered an agreement before any indictments and unlike in the Abacus deal with the SEC GS will have to pay a substantial penalty. This way everybody gets what he wants. The Manhattan district attorney will be promoted, the  Government gets some money in its empty accounts and can claim ” banksters don’t get away with fraud in this country ” and after a while even GS’ reputation will gain  since in the public’s collective mind THEY got punished.

Is Mervin King serious about eliminating Fractional Reserve Banking ?

In a speech at the Buttonwood Gathering in New York City Mervin King made the following remark :

Another avenue of reform is some form of functional separation. The Volcker Rule is one example.
Another, more fundamental, example would be to divorce the payment system from risky lending activity –that is to prevent fractional reserve banking (for example, as proposed by Fisher, 1936,
Friedman, 1960, Tobin, 1987 and more recently by Kay, 2009). (more…)

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