This page contains a single entry from the blog posted on April 24, 2011 12:38 AM. The previous post in this blog was Psycho dictator chic. The next post in this blog is A souvenir from downtown Portland. Many more can be found on the main index page or by looking through the archives.

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Sunday, April 24, 2011

A linchpin for Louisville

Goldman Sachs saves the day with a stadium deal.

Comments (6)

My biggest concern with all this, was that the financial crimes by our friends on Wall Street would go unrecorded in history. Long after I made peace with the idea that we were witnessing the biggest rip-off of all time, with the future of America at risk, I still worried that the villains would get away with it completely.

They haven't. A bunch of authors jumped on this story and the books are out. Matt Taibbi came through as did many others. The Henry Paulsons of the world, who even now are trying to portray themselves as financial heroes, are being seen for what really happened. For example, I've been reading articles about the AIG part of it lately, and they're quite interesting. One show on MSNBC, had an exchange that went something like this: "But was a crime committed here?" "That depends if you consider stealing a crime."

The attempts to blame the meltdown on poor people who didn't pay their mortgages have refocused on the massive fraud involved with the "triple-A" securities. There are even whispers that some of the people who orchestrated this little symphony of greed, could face charges.

I doubt if that will happen - they do still run the government, after all - but I'm just relieved that the truth made it into print. For me, that's a victory.

Bill McDonald,

Truth Must Prevail!!

And it's not just the question of the media and of public opinion, Bill - other things are turning around as well. Last week, we had the first conviction (not counting Bernie Medoff, whose only problem was that he ripped off wealthy people): Lee Farkas.

I hope he gets life, because it's well deserved. And I hope there are many, many more to follow.

As reported in the Sept. 21st WillametteWeek:

"JenWeld Park's revenue has not met expectations as predicted by City of Portland. It is now approaching default on the $42 Million bond debt. Mayor Adams with collaboration of Commissioner Leonard are seeking to use Bureau of Environmental Service reserve money as a means of forestalling bond foreclousure until remedial remedies can be found. They hope to convince the City Council that the increased revenues from the expanding sewer and water fees can be tapped as a permanent remedy for JenWeld Park's failures.

The attendance projections from the Portland Timbers, concessions, on-street parking, other fees, and other event income has not met expectations. Plus, there has been the increased cost of the Park's employee City payroll subsidies. Both Mayor Adams and Commissioner Leonard gave a press release stating,

"We took the best, informed shot at our hopeful revenue streams, made a leadership decision that were are elected to do. We have been in situations like this before, and we will work through this to preserve this major city asset."

Nigel Jacquiss

Sept. 21, 2012

I don't know but it sort of sounds like a description of someone gambling away their savings at the casino.

Oh wait, these are public officials and those savings are our livelihoods!

A lot of people know that SG is a taxpayer-subsidized, too-big-to-prosecute (TBTP) monster. A capable warrior against SG and cronies was lost when Eliot Spitzer collaborated in his own takedown ("Client 9"). AG Eric Holder is certainly not going to oversee needed investigations of SG, JPM, and the other TBTPs: they have been his clients and will be his clients when he is no longer AG. Will the TBTPs permit us another two years before producing another financial crisis? JPM's Dimon was not joking when, last year, he related to Congress his tale of telling his daughter that he and his pals expect a financial crisis "every three to five years."

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