Why Are Bankers Still Being Treated As Beltway Royalty?

May 1, 2009

 

Blog by Arianna Huffington | Huffington Post, New York & Los Angeles

 FK Comment 

While the American bankers, who brought the (global) economic recession, respectively meltdown, are still the most powerful lobby on Capitol Hill (“they frankly own the place”, said Dick Durban) I’m not wondering that they’re still treated as Beltway royalty, although they came to Washington over the last eight months, asking for rescue billions to compensate their catastrophic mistakes, thus, being rewarded for their outraging failures.

800,000 foreclosures in the first quarter of 2009 contribute to the tremendous destabilization economically. And, indeed, the enormous costs of the banking industry failures will be a great risk for Barack Obama’s presidency. No button to be pressed is available. A hard and distinctive presidential bargaining is needed. 

haplif – Frank Kalder (~Huffpost)