Thursday, 15 October 2009

Keeping Mr Ratigan "on message"

In this Huffington Post article yesterday, Dylan Ratigan (ex CNBC TV journalist and now host of MSNBC's Morning Meeting show) is remarkably candid about the modus operandi of certain Wall Street activities, especially the over the counter versions of credit default swaps.
The key to success here is that when there is a default or claim against that so-called credit insurance -- the banks keep all the past payment -- and the taxpayer under threat of collapse pays off the claims while getting nothing in return.

This quite simply, is a brilliant way to steal our money.

Now this method of "business" is only possible if the government continues to allow these crooked insurance contracts to be written in secret, allows them to hold little or no money in reserve for payment and allows them to sell enough coverage on enough vital national assets that if there is a default -- the taxpayer has no choice but to pay.

Needless to say, J.P. Morgan & Co. has never had more revenue and the Goldman Sachs bonus pool has never been bigger.

Considering the $23.7 trillion of taxpayer money being used to support these Corporate Communists one would hope they could at least make a few billion in profits with it. In context, making a few billion risking a few trillion is a rather pathetic return after all.
Perhaps, in order to keep Mr. Ratigan more "on message", Rupert Murdoch should have a chat with him about a much more lavish broadcasting deal with more avenues and career opportunities within his other "entertainment properties".

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