OK. So this is nothing short of outrageous!
I just saw the news that Patrick M. Parkinson was named to be the new "top bank regulator" - in the words of New York Times. So I'm scanning the article half expecting the guy to be a former Goldman Sachs director. I get to the end of the article and breathe a sigh of relief that he's not a Goldman Sachs crony. But then I take another look at the last paragraph and here's what it says.
Mr. Parkinson previously served as deputy director of the Fed’s division of research and statistics, where he worked on issues related to financial regulation. Mr. Parkinson was also an adviser to Mr. Bernanke and his predecessor, Alan Greenspan, on issues considered by the President’s Working Group on Financial Markets from 1993 to 2008.So right away I'm pissed again that this guy is so close to Bernanke and Greenspan. And not only that but he was part of the infamous President’s Working Group on Financial Markets, aka the Plunge Protection Team. This is the group that is widely rumored to spearhead federal government intervention in the markets. So this guy is an insider's insider.
Alright, so I do a Google search to see what information is available on the web about him. (It's a good idea to do this now before the links get cluttered with the information from this new appointment.) Right away I find - as one of the top links - some testimony before Congress back in 2000. I get ready for a real snoozer full of Fed-speak.
Instead I find more incriminating evidence. In fact I would call this the smoking gun!
I am pleased to be here to present the Federal Reserve Board's views on the Commodity Futures Modernization Act of 2000 (H.R. 4541). Much of my testimony today will repeat testimony that Chairman Greenspan and I have presented during the last few weeks to other committees in the Senate and the House.Unbelievable right!? This guy was part of the little putsch that allowed derivatives to be unregulated. He was one of the co-conspirators along with Robert Rubin, Alan Greenspan, Larry Summers and Phil Gramm that rammed through the Commodity Futures Modernization Act on an unsuspecting US public. This directly led to the blow up of AIG which ended up causing the Federal Government (that's you Mr. and Ms. Taxpayer) billions and billions of dollars.
The Board continues to believe that such legislation modernizing the Commodity Exchange Act (CEA) is essential.
In its November 1999 report, Over-the-Counter Derivatives and the Commodity Exchange Act, the President's Working Group on Financial Markets (PWG) concluded that OTC derivatives transactions should be subject to the CEA only if necessary to achieve the public policy objectives of the act--deterring market manipulation and protecting investors against fraud and other unfair practices. In the case of financial derivatives transactions involving professional counterparties, the PWG concluded that regulation was unnecessary for these purposes because financial derivatives generally are not readily susceptible to manipulation and because professional counterparties can protect themselves against fraud and unfair practices. Consequently, the PWG recommended that financial OTC derivatives transactions between professional counterparties be excluded from coverage of the CEA. Furthermore, it recommended that these transactions between professional counterparties be excluded even if they are executed through electronic trading systems. Finally, the PWG recommended that transactions that were otherwise excluded from the CEA should not fall within the ambit of the act simply because they are cleared. The PWG concluded that clearing should be subject to government oversight but that such oversight need not be provided by the CFTC. Instead, for many types of derivatives, oversight could be provided by the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency, the Federal Reserve, or a foreign financial regulator that the appropriate U.S. regulator determines to have satisfied its standards.
And now this bankster is put in charge to be the "top bank regulator"!? What kind of testosterone excreting glands does it take to nominate someone with those kind of credentials to be a "top bank regulator" while the memory of the Great Bailout of 2008 is still fresh in the minds of the American People!?
Is this really the best you can do President Obama? Do we need anymore proof of who really runs the government? Does anybody care anymore?
P.S. It's now 9 PM and the Frontline program featuring an interview with Brooksley Born who tried to stop this silent coup is just about to start. Don't miss it.
P.P.S. OK. It's 10 PM now. You can go back to watching "Dancing with the Stars" on your DVR now. Forgot to set it? Sorry about that.