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Wall Street Insiders Are Using the Bailout to Stage a Revolution

27/03/2009 09:21

Many view the massive losses at AIG as the result of corporate greed combined with lax government oversight and regulation. But in a new article in Rolling Stone Magazine that takes an in-depth look at the AIG story, journalist Matt Taibbi writes the financial crisis and the bailout that followed, quote, “cemented and formalized a political trend that has been snowballing for decades: the gradual takeover of the government by a small class of connected insiders, who used money to control elections, buy influence and systematically weaken financial regulations.” 

Taibbi goes on to write, “The mistake most people make in looking at the financial crisis is thinking of it in terms of money, a habit that might lead you to look at the unfolding mess as a huge bonus-killing downer for the Wall Street class. But if you look at it in purely Machiavellian terms, what you see is a colossal power grab that threatens to turn the federal government into a kind of giant Enron—a huge, impenetrable black box filled with self-dealing insiders whose scheme is the securing of individual profits at the expense of an ocean of unwitting involuntary shareholders, previously known as taxpayers.”

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