( – promoted by buhdydharma )
[New! Improved! Now with actual links to the full article (duh-oh!) ]
So I was reading this article, got pretty upset, and figured y’all should know about it.
Published on Tuesday, October 13, 2009 by The Daily Beast
Paulson’s Revealing Phone Records
While the economy was crashing last year, exclusively analyzed telephone records reveal the ex-Treasury secretary was talking far more to Obama and Geithner than Bush and McCain.
by Nomi Prins
Timothy Geithner’s just-released phone records caused quite a stir last week-specifically, the absurdly small Wall Street circle Obama’s Treasury secretary has consulted during one of the most critical economic periods in U.S. history. Yet as Winston Churchill once said, “The farther backward you can look, the farther forward you are likely to see.” Understanding the situation we’re now facing requires an examination of how things went down among him, former Treasury Secretary Hank Paulson, and the most influential financial titans on the planet, during the bailout and bank landscape carve-out period.
So, I spent a fair portion of the weekend digging through 415 pages of Paulson’s calendar-which has received almost no scrutiny compared with the Geithner logs-during the seven most critical financial crisis months (March, 2008 and August 2008 through January 2009). August through October 2008 were particularly packed, encompassing 237 pages worth of calls. Categorizing these records by incoming and outgoing, individual and conference, calls per day and month, during that crucial period, I also crosschecked them against Geithner’s calendar.
The information doesn’t come in ready-made easy-to-digest classifications, but combing the logs reveals four interesting facts:…[giant snip]
Frankly, this whole group forms a little club….
Whenever you have too much power concentrated in the hands of a few men, things don’t turn out so well for everyone else. That’s strikingly evident….
Well, I don’t really have much to say about this, it just staggers me. Oh of course I suspected it. And I hope more people knowing the specifics is a good thing, so I posted this, as a pointer to Nomi’s specifics.
I will add — her closing line is a kicker, but you really do need to see the rest to appreciate it fully. Links to read full article:
On CommonDreams (left-ish news aggregator)
On The Daily Beast, where it was originally published:
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London