You would think that the CEO's at Fannie
Mae, Freddie Mac, AIG, Bear Sterns,
Countrywide Financial, Merrill Lynch, and
Washington Mutual, those companies, to
name a few, that played fast and loose with
shareholder money, and paid dearly for their
indiscretions, might apologize.
They might apologize to their shareholders,
and to their employees, but don't hold your
breath, because it ain't gonna happen.
Richard Fuld, the CEO of Lehman Brothers,
told Congress that the largest bankruptcy in
history was due to factors beyond his control.
The top troika of AIG basically said the same
thing.
Now I can understand why they might tell
hypocritical Congressman this story while
the blame game is being played. But they
have had the opportunity to come clean in
other places and have declined to do so
there too.
They have followed the advice of their very
capable attorneys, who have advised them
to "zip it." Just take the considerable money
and run, paying out a portion to the legal
eagles to make sure it gets deposited in a
hard to reach place, where they'll have a
hard time spending it all. Or maybe not.
It's just possible in all the bailing that we will
forget all about them and their congressional
allies.
The beggars are all lining up, and the Congress
can't wait for another game of piggy back.
Where is all the money going?
No one is saying.
The Federal Reserve, according to Bloomberg.com,
is refusing to identify the recipients of more than 2
trillion dollars of emergency loans.
You see, the 750 billion dollars authorized by
Congress is just a piece of the puzzle. There is
plenty of other money being shoveled around
that didn't need a Congressional authorization,
and nobody wants to even talk about that.
Where's it going? Why? What are the strings?
Nobody at the Fed wants to talk.
And if this doesn't work, will we ever know
what happened to the money?
And you can bet on this: If bigtime corporate
CEO's don't have to apologize for costing you
billions, do you think the government is going
to apologize for losing trillions?
Not a chance.
At some time in the future someone is going
to explain it all.
Just tell us the story, no apologies necessary.
Then we can decide who gets hung in the public square.
From the big saddle,
Jim Whelan
The Chairman of the Board
P.S. The Arizona Cardinals are now 7 and 3. They
have a chance to win a division for the first time in
over 35 years. Congrats.
thejamesrwhelanagency.com
206 407 3124
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