Kathryn Wylde’s Haunting Quote: Open Thread
We learned this week from Gretchen Morgenson’s piece in the New York Times that the White House and top Justice Department officials have been exerting inordinate pressure on the valiant NY Attorney General Eric Schneiderman to sign on to the settlement deal with the big banks for what Morgenson calls ‘dubious’ practices’ that created a global financial crisis and cost us wee taxpayers trillions in secret bailouts for the banks, caused millions to lose their homes, their jobs, most of us our financial futures; some their lives….
Five months ago the State attorneys general task force and the bankers were arguing over the dollar amount of the settlement; even the highest numbers were laughably inadequate. But now we’ve learned that the goddam settlement actually indemnifies the banks for all the: criminal corrupt fraudulent unconscionable felonius villainous treacherous amoral malfeasance perpetrated upon the public…for profit.
Morgenson dropped into her piece a tidbit about Eric Schneiderman running into Kathryn Wylde, who sits on the Board of Governors of the NY Fed, you remember: the big important one that covers Wall Street? Here’s what she says about the brief exchange between the two:
“…and as Mr. Schneiderman was leaving the memorial service last week for Hugh Carey, the former New York governor who died Aug. 7, an attendee said Mr. Schneiderman became embroiled in a contentious conversation with Kathryn S. Wylde, a member of the board of the Federal Reserve Bank of New York who represents the public. Ms. Wylde, who has criticized Mr. Schneiderman for bringing the lawsuit, is also chief executive of the Partnership for New York City.”
Asked about the exchange in a subsequent interview with Wyle, Morgenson writes:
“Characterizing her conversation with Mr. Schneiderman that day as “not unpleasant,” Ms. Wylde said in an interview on Thursday that she had told the attorney general “it is of concern to the industry that instead of trying to facilitate resolving these issues, you seem to be throwing a wrench into it. Wall Street is our Main Street — love ’em or hate ’em. They are important and we have to make sure we are doing everything we can to support them unless they are doing something indefensible.”
I was repelled, revolted as anyone would be, but when I read Matt Taibbi’s piece about Obama and the Dirty Banker Deal, I could think of little else the rest of the night. Matt wonders aloud what sort of crime might strike her as indefensible, of course; and we want to know, too; perhaps make some cynical lists, as he does. But she’s also a Class C member of the NY Fed’s Board of Governors, which job description reads (hat tip to my amiable Research Better, Robert Dumas):
“Class B & C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.”
In other words, her job is to be more of a “people’s” representative, as opposed to banker’s advocate, if you skip over the ‘business’ part a bit… The ‘people’ of New York should take offense.
So…one of the places my mind went was: Is this sociopathic ‘Whatever is Good for the Financial Sector’s Profit is Defensible’ catching? I mean, the sheer numbers of players (including the Obama DoJ) who are now advocating for, and participating in such abject crime and corruption, and pushing for it to become essentially legal, is…staggering if you think about it. Is greed and its cover-up like a virus? Did your moral-compass-Immune System already had to have been compromised? WTF is going on?
And then I thought: Wylde went with that quote to Morgenson arguably as a better version than what the spat was about. Holy shit! What could that have been? How much more outrageous than this? Schneiderman won’t say; such a gentleman. ;o)
And inevitably, I’m led to wondering if all this might serve as another Tipping Point to Americans who haven’t really gotten that this is a class war. And part of that thought has me asking: How the frig will the Obamacrats spin this story to themselves now?
Do weigh in on this; let me know what you’re thinking. I’m drowning in their abject abjectness. We need to free ourselves from their reign of horror.
[Note: I imagine the figure in the Freda art to be a hedge-fund manager watching news of information/truth that will blow the system into meltdown; but I may use for that plus Tipping Point news items, I think.]