Thursday, June 4, 2009

Congresswoman Kaptur Grills Liar Federal Reserve Chair Bernanke

Where is the lie? Listen carefully between 5:45-6:20 in the video.

Bernanke signed papers with Finke. How do you not know what legal documents that you signed? In any company that would get you fired, but then again Bernanke never worked in Corporate America.

Finke was the guy at First Boston who invented the Collateralized Mortgage Obligations and made a killing off of it. The Fed had a few Money Managers do a contract bid for the position to oversee Fannie Mae and Freddie Mac.

So of course, Bernanke picks Finke out of Blackrock. Exactly what qualifies Finke or the position? Except that our government is going to recreate the fraudulent derivative market.

So much for this "era of responsibility" that Obama promised us, at least not before the next bailout.

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