dimanche 7 mars 2010

Corrupt ! (2)

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Elizabeth Warren était l'invitée de Charlie Rose, et le moins que l'on puisse dire, c'est qu'elle n'y va pas avec le dos de la cuillère.

Pour rappel Warren est une grande défenseuse de la classe moyenne US et était pressentie pour prendre la direction de l'agence de protection des consommateurs (seul véritable changement qu'apportait la première réforme financière d'Obama) mais que la corruption, oups pardon, le lobbying des banques de Wall Street a envoyée dans les oubliettes du parlement...
Pour l'instant, elle est au congrès, à la tête du panel de supervision du congrès.

Elizabeth Warren, Chair, The Congressional Oversight Panel
Charlie Rose via ZeroHedge, 04/03/2010 (traduire en Français texte en anglais )
http://www.zerohedge.com/article/elizabeth-warren-discusses-global-enron-wall-street-greece-and-back
Je reprends ici quelques scripts repris par ZeroHedge :

ELIZABETH WARREN: Enron taught us a few years back, you remember, in fact that the books are dirty, that there is one set of books put out in front for everyone to see, but there are effectively off the book transactions that nobody can see that reflect the real risks that your enterprise has taken.

And we’ve gone straight from Enron to Greece, with lots of stops in between for large financial institutions.
No, it really is about things like transparency and honesty.
La double comptabilité, avec un livre de comptes officiels pour arnaquer le poypoy, et un livre de comptes officieux incluant le hors bilan pour les insiders, est devenue le standard de toute l'économie, jusqu'aux États, comme on a pu le voir avec la Grèce... C'est vraiment la plus élémentaire honnêteté et transparence qui est en jeu...

ELIZABETH WARREN: Until we build a chapter 11 system, a resolution authority system, whatever we want to call this, until we build the part of the legal structure that permits us as a people to say with real credibility behind it, "credibility" is the underlying word here -- I don’t care what your business is. I don’t care how big you are, I don’t care how intertwined you are. If you make bad enough decisions, you can be liquidated. It’s over.
Ils faut vraiment en finir avec le Too Big To Fail.

ELIZABETH WARREN: To come in and rescue under those circumstances, I get it, that happens. That’s what bankruptcy’s about. That says the participants in the old one don’t get it.
ELIZABETH WARREN: Come on. Bankruptcy lawyers work around the clock all the time...We do it with lots of financial institutions.

Wiping out shareholders who were the people who invested and who had profited from all of the mistakes that these companies had made for years and years and years before that, that’s not hard. That’s not rocket science. That’s just a difference on who gets to sit at the table and who gets to walk away with money.
Sur le sauvetage tel qu'il a été conçu où actionnaires et équipes dirigeantes faillies ont été sauvées, ça n'aurait jamais dû avoir lieu... Il n'y avait aucune nécessité à sauver ces gens là pour soit disant empêcher le système de s'écrouler. Gérer des banqueroutes, rincer les actionnaires, réduire la dette des créanciers et foutre dehors les dirigeants faillis, c'est de la routine.

CHARLIE ROSE: Joe Stiglitz, who you know who was here last night, basically says he fears we’ll see a double dip recession, so the economy has to do with inventory and the end of the stimulus and a whole range of issues, unemployment staying where it is.

Do you have that kind of, even though you’re a lawyer and not an economist, fear about this economy?

ELIZABETH WARREN: I am afraid. I’m afraid because of what I see in the real economy. I’m afraid because I don’t see books that are clean, balance sheets that have been cleaned up. I’m afraid because in October of 2008, Secretary Paulson came to the American people and he said the problem is toxic assets on the books of the banks, and they’re still there.

CHARLIE ROSE: Although they’re worth more than they were.

ELIZABETH WARREN: Lucky us.

I’m afraid because Secretary Paulson said there’s too much concentration in the banking industry, and there’s even more concentration today than there was --
Sur l'imminence d'un double dip... Les bilans des banques sont toujours aussi affreux. Même si le Mark to Fantasy permet de créer des profits fantomes à se distribuer entre banksters (ça c'est de moi   ).

CHARLIE ROSE: I hear you as saying that the mindset of the people making the economic decisions in Washington, Larry Summers, Tim Geithner, Christina Romer, and others, they look at the world through the wrong experience. You might want to include Christine not in that, but certainly Summers and Geithner.

Do you think their experience has been too connected to the point of view that does not allow them to make the optimal decision? I tried to make that as easy as I could.

ELIZABETH WARREN: I think we have different worldviews.

CHARLIE ROSE: You and them?

ELIZABETH WARREN: Yes. I just don’t think we see the world the same way.

CHARLIE ROSE: And so therefore they shouldn’t be in place.

ELIZABETH WARREN: Well, I’m going to say it differently. I think that Summers and Geithner are smart. I think they’re honorable. I think they approach the economy and the world through the largest institutions. And they see the world from a top-down perspective.

I spent 25 years somewhere else.

CHARLIE ROSE: Academia?

ELIZABETH WARREN: No, come on. Summers and I started in the same place.

CHARLIE ROSE: I know.

ELIZABETH WARREN: It will not save us if a handful of Wall Street banks prosper and the rest of America fails.
Et enfin, sur Summers et Geithner, elle sous entend à peine qu'ils ne bossent pas pour l'Amérique, mais contre elle, pour la mafia de Wall Street.

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