Tuesday, September 23, 2008

An Editors' Selection from The NY Times! My Life's Complete

EDITORS' SELECTIONS (what's this?)
September 23, 2008 2:08 pm

That fellow at the Fed, with whom I share a rare last name, seems to have been given the role of sidekick, a sort of Lindsey Graham to Henry Paulson's John McCain. For that reason, and the fact that Bernanke's roots are in the academic world, I'll restrict my comment to Paulson.

If this matter was being adjudicated in a court of law, would Henry Paulson be permitted to preside as the judge? Or would he be compelled to recuse himself?

As a judge, he would be asked to rule on a proposal whose SOLE DIRECT BENEFICIARIES are financial institutions (in the broadest sense of the term,) including the firm of which he was the CEO prior to assuming his judgeship.

He actual role in this matter far out-reaches the role of a judge. He essentially has become judge, jury, prosecutor and defense counsel all wrapped into a tidy ex-Goldman Sachs package. Perhaps the next shoe to drop will be an announcement that Paulson has chosen John Fuld, the CEO of the former Lehman Brothers, as the Bailout Czar-designate to administer the program.

Obviously, Paulson is very bright and is not a crook. But all of the top guys on Wall Street, mega-banks, large insurance and mortgage companies are also very bright, and the outright crooks among them are few and far between.

The fact is, however, that these are the very people who were flying the plane when it crashed!

I'm rambling, sorry.

One final comment, please: So far, there are three public officials who have uttered some sense in this matter: Sens. Bernie Sanders, Richard Shelby and Jim Bunning. How's that for an odd threesome?

— FredrickBernanke, San Diego

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