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In 1975, the City of New York looked close to defaulting on its municipal bonds, as Charles Gasparino, now a Fox Business reporter, recalls in The Sellout: How Three Decades of wall street greed and Government Mismanagement Destroyed the global financial system. But a young bond salesman named Jimmy Cayne-the pot-smoking, bridge-playing future CEO of Bear Stearns-didn’t think his city would walk away from its debt.
When the US taxpayers, who oppose bailing out the rich, learned that AIG planned to use $450 million of the TARP money to pay promised bonuses to executives (but only after it had already shelled out $165 million of the original $170 million to executives in its derivatives department in London) the proverbial brown stuff hit the fan in.
He made billions when he took it public four years later. The Japanese government never recouped the trillions of yen it spent bailing out the failed bank. Now it’s teetering on the brink again because of bad investments in subprime mortgages and exposure to the bankrupt Lehman Brothers. Flowers is not shy about his motives.
It’s all marijuana today, with a new federal bill aimed at making medical marijuana more accessible to veterans, a Mississippi medical marijuana initiative drive getting underway, and more. New York.
By conspiring to lower the interest rates that towns earn on these investments, the banks systematically stole from schools, hospitals, libraries and nursing homes – from ‘virtually every state, district and territory in the United States,’ according to one settlement."
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