Throughout history there have been certain occupations and ethnic groups that seem to be ready-made as scapegoats. Sometimes status and ethnicity are combined, for example, ”Jewish Bankers” or “welfare cheats” (i.e. African-Americans). As our economy continues to deteriorate we can expect that old scapegoats will be dusted off and used again. Never mind that the real welfare cheats are the banksters and broke-sters who took our money, are taking our money and will be taking our money. Doesn’t it make you just a little bit angry to know that your tax dollars are going to bail out the same bankers who have been refusing to lower your mortgage interest rate so you can save your home? Now we are forced to save their businesses.
Scapegoats are meant to take the attention away from the real culprits. It would be easy to lump all banksters and broke-sters together because the abuse in the financial industries seems to be widespread. I am sure there are “good guys” out there, but I am not about to take up a lantern and wander the streets at night looking for them. What those people have done may not be illegal, but it sure is immoral. Bankers and brokers justify their immorality by saying there was no illegality. They blame the victims – homeowners, especially “poor people” (another popular scapegoat) who took the money offered to them to realize the American dream.
Bankers and brokers are no different from me or you insofar as we are all guilty of greed sometimes. We all want more than we need sometimes. The difference between us and them is that they have power. We would be put in jail immediately if we robbed a liquor store of a few hundred dollars. But men like Madoff can rob people of billions and stay comfortable in their $7 million Manhattan penthouse (making fur with filthy lucre).
Bankers are fighting tooth and nail to prevent bankruptcy judges from being able to reduce mortgage principle when they could have reduced the rates voluntarily and helped people avoid bankruptcy. They just don’t want to reduce rates because it might cost them a few dollars. They wouldn’t help a family keep their home even if foreclosure costs the banks far more than lowering the interest rate. That kind of power should not be in the hands of people who care for nothing more than their own treasure and feel that they are beyond accountability.
You should e-mail or write your representatives in the Congress and tell them that we want the power to negotiate mortgages foreclures out of the hands of the banksters we are bailing out.
Great piece Jeff, most provocative, but I hope you realize AIG, the big Kahuna on the FED tit, is not a bank:
Congressman Frank, Chairman of the Financial Service Committee does not care about the average person, he is the problem, he would enslave every American, if it meant he could shove billions out to AIG like milking machines.
What interest rate are you looking at for a bankruptcy court(Judge) to impose on honest banks, all over America ?
Rates are already very(historically) low.
DO a google on AIG and Hank Greenberg, he hates plaintiff’s lawyers, called them “terrorists”, did so in the Washington Post around 2005. So, it seems that AIG was pulling that scapegoat game, long before AIG was hooked up to the FED to suck $ 180 billion out of the taxpayers accounts.
Yes, greed is a human trait, it probably exists in all of us.( nobody is perfect, us, humans) But, that does not mean the U S Government should pander to it to the most hateful corporation in the world, AIG..
Really, Jeff, google what the ex AIG Chairman was sparking on plaintiff’s lawyers who represent people.
By the way, AIG is not a bank, was not operated as one. I hope your latern has a light source to discern AIG was ready to rip your guts out, and spend a lot of money to fan thsoe flames
(google Hank Greentberg)
here is a sample:
AIG Chief Calls Some Lawyers ‘Terrorists’
Tuesday, February 24, 2004; 4:59 PM
By Tim McLaughlin
BOSTON (Reuters) – The chairman of American International Group Inc. , the world’s largest
insurer by market value, on Tuesday called lawyers opposed to tort reform “terrorists” and said class-action lawsuits are a “blight” on the United States.
AIG’s London group set up the credit default swaps.
You want to get into ethinc groups, and genocide, well you got time to go into Ireland, the famine created to wipe out millions, and the games. I doubt it….too ugly to look at thsoe realities.
By, the way, a footnote, a relative of mine was an Int’l banker in London, top MBA grad.(deep in the establishment)
He sees AIG as a criminal RICO enterprise, and get this, JEFF, that is coming from a real experienced banker.
I repeat: AIG was not run as a bank, a banking operation, I hope some wake up to see the light on that, very soon, becasue Congress is selling out America. Again, great piece Jeff, I am glad you are not in jail from the problems with Donations.
Best Regards…. T/
Mr Feiger, a law suit has been filed in Michigan against AIG, so, the GOV is fighting.
It was filed by the Thomas Moore Legal Center, claming AIG supports terrorists.(AIG’s flakey finance gimmicks)
AIG’s head calls plaintiffs lawyers terrorists.
So, what is the truth dare America wonder ?
The economy sinks, the GDP sinks, unemployment goes up, foreclosures go wild, people lose their jobs, millions………it is getting worst from here, March 2009.
But, this thing about scapegoats, it should not be the American taxpayers.. when evil existed at AIG.
Evil flourshes when good men do not step up to combat it.(remain zombie, and abbet it)
I sometimes wonder if trial lawyers really care about anthing but lots of money in their own coffers, exhibiting the same tune as AIG…and its rouges.
Scapegoats, Bernie Madoff is not a scapegoat—he is a criminal, a vile evil criminal, soon to be known as a convict.
Just came across your blog Mr. Fieger. I remember watching you during the Jenny Jones trial on TV when I was in middle school. I’ve kept up with you over the years as well.
You’re right. We will always have scapegoats who divert our attention away from the real culprits. Why can’t we have more opinions like yours in the mainstream media?
Bernie Madoff, while a crook, and now in jail, did not have a $20 Billion conflict of interest like Hank Paulson(as a treasury Official), who rigged the AIG bail out to save his Goldman Sachs buddies, where he had been CEO of GS.
Why don’t you just note people by name rather than smearing every taxpayer in America, if they express views as citizens. Paulson is not a “jewish banker”, he is a man who had a $ 20 billion conflict of interest, can’t you get you sterotypes straight, insead of pulling the old boggie men out of your closet.
Even the press is starting to look at how Paulson rigged it for Goldman Sachs.(while a big conflict)
GS is not a commercial bank.
Did you ever speak out on AIG Chairman who expressed his hate towards American plaintiff’s lawyers, or give him(Greenberg) a pass since he is the big NY Jewish Kahuna, hooked into all the big power connections.
Please don’t give us all that Hilter Pope bull shit 1,000’s & 1,000s of Irish Catholic kids, blacks,
Mexican Americans, Indians etc spilled their guts on Omaha beach, so others could be citizens with free speech rights, so as not to be slandered by some jive B S mouth piece like you, who is interested mostly in you riches, and fat kat BOOM BOXES, and money flows to Hair pieces like John—-no where now– Edwards
Hey, Genius most of the banks that got the pile of AIG money($ 160 billion bail out heists) were foreign banks, I suppose you are an expert on Germany real estate too, and high Germany signs.
Maybe you(and your other blabber mouths in the BAR) might read the latest:
Oh, how did you like the lending deals on advancing money to rig markets on the short side, AIG palyed with off shore banks(on that too)
guess, you were too busy with Edwardes on his Hedge fund deals, and his hot lille Video Producer, Rachel, the hot NY tramp.
What next more speeches on scapegoating by white trash USA taxpayers, who got sent the tab…?
Hey keep up the rants, you are showing you an’t on the side of most Americans, you know, like the ones who pay taxes in the USA, who don’t have secret German and Swiss bank accounts, after playing the Congress as suckers, but you want us to write Congess.
Waaaaaaaaaaaaaaaaaaaaaaaaaah, Clever DUDE.
They sold the USA citizens down the river. A new day of slavery , Huh… Amigo,