Tue, 17 March 2009
The President's public display of anger at AIG is a cover for well-deserved political embarrassment. He and his bankster advisors have dedicated trillions to rescuing the criminal corporations of Wall Street from the consequences of their actions. He acts disappointed that they're still gangsters. "The logic of bankster capitalist enterprise, which AIG was created to protect and serve, is take the money and run - every chance you get."
Obama is Finally Pissed Off. So What?
A Black Agenda Radio commentary by Glen Ford
"Did Obama think these guys became financial gangsters as a public service?"
President Obama wants everybody to know that he's angry, really angry, at the zombie insurance giant AIG. Obama gave the impression that AIG pulled a fast one when it awarded its employees $165 million in bonuses for consummating derivative deals that have wrecked the global financial system. The President theatrically pounded the podium in righteous indignation. "How do they justify this outrage to the taxpayers who are keeping the company afloat?" said the usually super-cool chief executive.
Obama's question is misdirected. He should instead be asking himself and his own economic advisors how he and they allowed the racketeers at AIG to divvy up the people's bailout money among themselves. By the time Obama staged his big public blowout over the bonuses, most of the money was already gone, paid out to the foot soldiers of the AIG financial mafia. Treasury Secretary Timothy Geithner didn't stop the checks from going out. Neither did Larry Summers, head of the National Economic Council at the White House. Robert Rubin, who is guru to Summers and Geithner and to Obama himself, didn't alert his protégés to the likelihood that AIG would reserve a big cut of the bailout for distribution among its own gang. Did Obama think these guys became financial gangsters as a public service?
And why shouldn't they get a cut? The logic of bankster capitalist enterprise, which AIG was created to protect and serve, is take the money and run - every chance you get. AIG covered hundreds of billions - maybe trillions - of dollars in bets placed by the Wall Street mafia in the derivatives casino. But that was a scam, since AIG didn't really have the cash. If AIG went down, then many of the gamblers on Wall Street would go down with it. Therefore, in a bipartisan, help out your favorite gangster agreement, Bush Republicans and Obama Democrats gave AIG $170 billion dollars of the people's money to rescue AIG's clients, the gambling banksters of Wall Street. And why shouldn't the guys who covered the bets in the first place get a piece of the public bailout, themselves? The logic of criminal financial enterprise dictates that they are no more morally reprehensible than their clients.
"It is the public that should be angry with Obama."
The biggest client was none other than Goldman Sachs. AIG's bailout included cash to cover at least $12.9 billion in Goldman Sach's casino bets. As it turns out, the two Godfathers of the Wall Street bailout are Robert Rubin, Obama's personal economics guru, and Henry Paulson, George Bush's Treasury Secretary - both former CEOs of Goldman Sachs. Goldman Sachs had a consigliere in both administrations, ensuring that the logic of bankster capitalism prevailed across party lines.
Barack Obama has no right to be angry at AIG's diversion of bailout money. It is the public that should be angry with Obama, for keeping the zombies of AIG and Goldman Sachs alive, so they can steal again. As of last month, according to the New York Times, Washington has committed around $9 trillion to the bankster bailout. Obama pretends to be angry about a measly $165 million ripoff by AIG's employees. Actually, he's politically embarrassed. That's what happens when you run with gangsters.
For Black Agenda Radio, I'm Glen Ford. On the web, go to www.BlackAgendaReport.com.
BAR executive editor Glen Ford can be contacted at Glen.Ford@BlackAgendaReport.com.