Michael Hudson Comments on the Financial Mafia

October 21st, 2012
in econ_news, syndication

Econintersect:  Economist Michael Hudson has commented on the characterization made by recently retired head of the FDIC (Federal Deposit mobsterSMALLInsurance Corporation) Sheila Bair that our financial system is run like a Mafia organization.  He made the comments talking to Max Keiser on the Real News Network, video follows the break.  Hudson says he was present at talk given by Bair in early October where she used that terminology.

One key element of what Hudson discusses is Bair's assertion that the only reason for TARP (Troubled Asset Relieve Program), which authorized $760 billion dollars of money from the Treasury, was to save Citigroup from bankruptcy.  The massive bailout was conducted solely to hide the fact that Citigroup was insolvent.

Follow up:

Here is the video:


The assertion by Bair is an insider statement that substantiates the argument that many were making in 2009 that Citigroup was insolvent.  Included among those analysts was Econintersect Managing Editor John Lounsbury.

John Lounsbury


Hat tip to Roger Erickson.

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1 comment

  1. zortmuckrakerman says :

    SPOT ON. absolutely true. and "what's left to save New York City?" cuz trust me...the Mafia don't do Government bro. and tell me more about how "self regulation" works again? cuz "at this point we've been talking entire nation states blowing up for some time" New York.

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