......that's not plundering, that's the latest in a long series of classic examples of why we need to keep the public sector out of private enterprise. Similar fortunes were made during the S&L/FSLIC/RTC debacle in the 90's doing deals with the federal government.....during my banking career, we were always happy to be fortunate enough to do business with the Feds in these transactions.....however, the notion that the FDIC gift wraps these sweetheart deals to ex-Goldman guys is nonsense. The question is this......these transactions are typically competitively bid. Depending on the underlying asset, there can be dozens of private sector bidders and the FDIC takes the bid with the lowest resolution cost to the taxpayer. The alternative is to continue to let them be run by the government.....choose your poison.
Just to follow-up on the IndyMac deal, there were 23 entities submitting preliminary bids.....of the 23, 6 were selected to compete in the final auction process. The winning bid was almost $1 billion more than the next best offer...... In my view these assets are better served being administered in the private sector than in the bureaucratic morass that is the central government and a competitive bidding process is the best alternative.....
I believe the video intentionally mis-describes the process in a not-so-subtle attempt to make it look like a dishonest deal orchestrated by the Obama clan. I'm not that smart, but I can see through it. This is typical propaganda from the opposition. If the same thing was happening with a Republican as president, the exact same video would be made by the extreme left. I agree with BT. There are many reasons to be unhappy with the current administration. The situation described in the video sucks, but it is not one of the reasons.
Agree Sid and in addition a poke at the evils of anything Goldman Sachs to further the foolish notion that Goldman - those devils from Wall Street - continues to rape and pillage the American citizenry....