More of the lack of integrity and the bilking of the middle class…..
William D. Cohan
Bloomberg.com, 11 December 2011
When it comes to shining a light on the cozy relationships between Wall Street and Washington, and how the rich and powerful get access to things the rest of us don’t, there can never be too many juicy examples.
Last month, thanks to Bloomberg Markets magazine, we were treated to the excellent story about how former Treasury Secretary Henry Paulson met with a bunch of bankers and hedge fund managers in New York during the summer of 2008 and shared with them some of his early thinking on the futures of the mortgage behemoths Fannie Mae and Freddie Mac.
Then, last week, Jon Corzine, the former chief executive officer of the defunct MF Global Inc. with a gold-plated resume — he was also a senior partner of Goldman Sachs Group Inc. and a U.S. senator and governor of New Jersey — testified before the House Agriculture Committee about his often-successful campaign to thwart the efforts of Washington regulators to enact rules that he and MF Global didn’t like.