Financial Crisis: The Vandals

Alan Greenspan

Alan Greenspan

Federal Reserve Chairman, 1987-2006 Charges: – reneged on his sworn mandate to maintain low inflation and full employment, and instead pursued a policy of maintaining—and increasing—aggregate asset values, whatsoever the cost. In other words, he actively pursued bubble-creation and inflated asset values, to the benefit of the financial services industry, and to the detriment of [...]

ben bernanke

Ben Bernanke

Federal Reserve Chairman Charges: “The Federal reserve gave trillions of American taxpayer dollars, in secrecy, to the people who were most responsible for causing our economic crisis,” and “..gave American tax dollars to their primary dealer banks so the banks could then lend that same money back to the US government at higher interest rates, [...]

timothy geithner

Timothy Geithner

US Treasury Secretary, Former president of the Federal Reserve Charges: – Facilitated and protected the $165 million in bonuses for executives at insurance a fter receiving $170 billion in bailout money. – Rejected calls from legislators to put caps on the outrageous salaries of banking executives—the same executives who helped bring on the economic crisis. [...]

robert rubin

Robert Rubin

Citigroup Senior Advisor 1999-2009 Secretary of the Treasury 1995-1999 Goldman Sachs Co-Chairman 1996-1992 Charges: -While Rubin was at Citigroup, he advised the bank to take on more risk, ultimately resulting in a loss of 70% of the firm’s value which required $45B in two government bailouts. -Joined with Greenspan and Arthur Levitt, Jr against Brooksley [...]

angelo mozillo

Angelo Mozilo

Co-founded Countrywide in 1969 Charges: He “deceived investors into buying risky “subprime” mortgages, leading to thousands of foreclosures. He kept the law off his back by allowing key senators to take out mortgages for which the usual fees and rules didn’t apply.” “He kept the law off his back by allowing key senators to take [...]

bill clinton

Bill Clinton

Charges: “President Clinton’s tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which [...]

darrell issa

Darrell Issa

US Congressman (R-Calif.) Charges: “Pressured federal regulators to back off a lawsuit against Goldman Sachs while holding millions in company assets. He also intervened in Congress on behalf of Merrill Lynch while being a major customer of the firm.”

eric cantor

Eric Cantor

Republican House Majority Leader Charges: Bet against America: Cantor owns up to $15,000 in shares of the ProShares Trust Ultrashort 20+ Year Treasury ETF “Eric Cantor is helping drive debt-reduction talks. Indeed, as of last week, he was single-handedly derailing those talks. What went unreported at the time, though, is that Cantor personally stands to [...]

george bush

George Bush

Charges: Chaired the Reagan administrations financial deregulation taskforce.

george w bush

George W. Bush

Charges: “From the start, Bush embraced a governing philosophy of deregulation. That trickled down to federal oversight agencies, which in turn eased off on banks and mortgage brokers. Bush did push early on for tighter controls over Fannie Mae and Freddie Mac, but he failed to move Congress. After the Enron scandal, Bush backed and [...]

mark patterson

Mark Patterson

Chief of staff to Treasury Secretary Timothy Geithner since 2009 Charges: “Patterson has been moving between politics and finance for the past decade. In 2004 he left a staff position as policy director for Senator Tom Daschle to become a vice president at Goldman Sachs. (Patterson’s move to Goldman came a year after he got [...]

rahm emmanuel

Rahm Emanuel

Former White House Chief of Staff to President Obama, Mayor of Chicago Charges: “Before Rahm Emanuel was mayor of Chicago or chief of staff in the Obama White House, he spent time as a managing director with the investment bank Wasserstein Perella, where he made a reported $18 million in less than three years. Once [...]