Big Bankster Running for Governor of California

Investment Banker and Head of Bank Bailouts

This guy is running for Governor of California:

Looks crazy, doesn’t he?  Who is he?

He was the head of the big bank bailout program (known as Tarp) which most Americans strongly opposed.  His name is Neel Kashkari.

The bailouts helped the big banks, but not America:

The $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. Indeed, the Fed doesn’t want the banks to lend.

As I wrote in March 2009:

The bailout money is just going to line the pockets of the wealthy, instead of helping to stabilize the economy or even the companies receiving the bailouts:

  • A lot of the bailout money is going to the failing companies’ shareholders
  • Indeed, a leading progressive economist says that the true purpose of the bank rescue plans is “a massive redistribution of wealth to the bank shareholders and their top executives”
  • The Treasury Department encouraged banks to use the bailout money to buy their competitors, and pushed through an amendment to the tax laws which rewards mergers in the banking industry (this has caused a lot of companies to bite off more than they can chew, destabilizing the acquiring companies)

And as the New York Times notes, “Tens of billions of [bailout] dollars have merely passed through A.I.G. to its derivatives trading partners”.


In other words, through a little game-playing by the Fed, taxpayer money is going straight into the pockets of investors in AIG’s credit default swaps and is not even really stabilizing AIG.

And see this.

A Goldman Sachs investment banker, Goldman president Hank Paulson brought Kashkiri with him to Washington when Paulson became Treasury Secretary.

But he’s running slick campaign ads, trying to hide his crazy eyes … and his bankster background.

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