Wonder why those financial institutions got bailed out?
Remember the Enron scandal? About 11 institutions were sued.
Among those sued: JPMorgan Chase, Goldman Sachs, and Citigroup who were the last to settle this year and Alliance Capital Mgmt.
There are even more scandals, lawsuits and SEC fines involving these financial institutions. AIG will probably be uncovered as a scandal that is bigger than Citigroup.
Now get this … a lot of these institutions have turned themselves into bank holding companies that benefit from the bailout; and, JPMorgan Chase (the biggest bank holding company and whose current CEO, Jamie Dimon [who was a key executive and supposed CEO heir to Citigroup before his falling out with Sandy Weill]), is buying up failed financial institution’s assets.
So it would seem to me that the American taxpayer, the honest shareholder’s of Enron stock [and shareholders of other failed company stock] and the honest employees who lost their pensions in the Enron scam, bailed out a bunch of companies that were involved in the fall of Enron; and bailed out organizations involved in other scandals.
Corruption is everywhere … from state Governors, Congress, the Senate, the President, domestic and international financial institutions, attorneys, accountants, etc., etc.
That’s why nothing is ever resolved regarding Wall Street or anything for that matter. Most Americans know that this corruption exists, but feel powerless to do anything about it. You President-elect have to chip away at this mess. Good luck.
LAST MAN STANDING .. When a Banking Feud Got Physical by Duff McDonald, Sept. 18, 2009 [Sandy Weill, Jamie Dimon, John Reed]