Moyers is really honing in on the central issue right now (both last week with Simon Johnson and now this week):
BILL MOYERS: So are these negotiations going on this week between Treasury and Citigroup crucial to this process?
ROBERT JOHNSON: I think they're crucial to the process. I also think, if you're going to allow them to act as zombies, then the regulators need to be really fierce. To curtail the activities within the bank while it's motoring along, hoping for a rebound.
BILL MOYERS: This is what puzzles me. I mean, Citigroup executives who got that bank into this ditch, seem to have as much authority in dealing with the government, the Treasury, as the Treasury has in dealing with them. Does that seem right to you?
ROBERT JOHNSON: It doesn't seem right, but it does seem real. When one looks at websites, like OpenSecrets.org, and looks at the scale of campaign contributions that come from Wall Street, one understands why Wall Street, how do I say -- when they talk, people listen.
I truly expect to hear broadcasts on Monday expressing great sadness regarding Moyers' untimely death in a (choose one):
a. Automobile accident
b. Heart attack
c. Air crash
d. Suicide
Johnson was spot on regarding effective corrective action, too. Nothing short of decapitating the Big 4 (JPM, WFC, C, BAC) will work. |
