Q. Should somebody have gone to jail.
Bernanke: Yeah, yeah I think so. It would have
been my preference to have more investigation of individual actions as
obviously everything that went
wrong, or was illegal, was
done by some individial not by an abstract firm.
The Chief of the murkily-owned Federal Reserve shows a level of hubris I thought I would never hear. He knew what was going on from Hank Paulson on down the chain.
In addition to Pauson blackmailing Ken Lewis, how about Senator Chris Dodd getting special gtreatment from Countrywide to buy a house in Ireland? His mortgage rates were WAY below market mortgage rates.
How about Barney Frank running constant interference on anyone who pointed out FNMA was bankrupt, had no risk controls and had been turned into an overlevered MBS hedge fund run by none other than Franklin Raines?
Remember Frank whining on the floor of the US Senate that FNMA was solvent and even if it admitted bankruptcy it wouldn't cost taxpayers a dime?
Every time the crooks in Washington tried to convict a crook on Wall Street it just turned up more dirt on Congress, the Treasury, the Fed, etc....For heavens sake, Eric Holders Dept of Justice only wanted to go after S&P when they downgraded the US!!!
Bernanka knows all of this.
Now he is just a book salesman.
And pure asshole.
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