It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Before we get to the documentary, if you missed this one, it's a must watch! Before Congress, health insurance executives refuse to stop rescinding health insurance coverage, retroactively, when a person actually gets sick! Reminds me of the big Tobacco CEOs Seven Dwarfs famous clip, all under oath swearing they did not believe nicotine is additive.
Terminations of Individual Health Policies by Insurance Companies
Ok, This weeks economic related documentary is Frontline's Breaking the Bank.
The Documentary is on the shot gun marriage arranged by then Treasury Secretary Hank Paulson between Merrill Lynch and Bank of America. Just in case you forgot, Frontline has a nice financial crisis meltdown timeline graphical display.
What the show does not answer is was the TARP even necessary and was this forced marriage needed either.
Fast forward to June 11, 2009, the House Oversight Committee is now serving subpoenas on the Federal Reserve for their role in the forced acquisition of Merrill Lynch by Bank of America. The committee also held a contentious hearing on June 11th, 2009.
Now I think BoA sucks. They are predatory, offshore outsourced jobs, labor arbitraged, and on and on, but in this instance, is it fair to beat up on CEO Ken Lewis when they should be hauling into Congress Hank Paulson?
Here are some video clips from the hearing:
Kucinich Beats Up Lewis
Congress woman Kaptur: Shadow Relationships Blackrock, BoA, Countrywide, Subprime Mortgages
Congressman Kanjorski asks for regulatory reform "if onlys" from Lewis
How come they aren't hauling in Goldman Sachs? They funneled billions of TARP funds via CDSes from AIG. How about Citigroup? Let's really beat them up, after all they have been dictating economic policy, especially trade policy for a while now.