Wednesday, November 30, 2016

SCHOOLBOY ERROR : TRUMP PICKS GOLDMAN PARTNER MNUCHIN OVER FED HATING ALLISON

Trump has indeed picked Stev Mnuchin for Secretary of the Treasury.



But just last night Infowhores were getting excited that Trump would pick John Allison.


Allison was chairman and CEO of BB&T Corporation, the 10th largest financial services holding company headquartered in the United States.

But under Allison BB&T needed a bailout of over $3 billion from the TARP.

And who did Allison blame for the crisis?

Yaaarp!

THE GOVERNMENT!!!!

In late 2008 the bank accepted $3.1 billion in bailout money through the sale of its preferred shares to the U.S. Treasury's Troubled Asset Relief Program. The bank said in June 2009 that it had received approval to repurchase the shares. Also in June 2009, its chairman, John A. Allison IV delivered a keynote address to a meeting of the Competitive Enterprise Institute, where he claimed to show how government regulation caused the 2007–2009 financial collapse.

[source : BB&T, Wikipedia, https://en.wikipedia.org/wiki/BB%26T, Accessed : 29th November 2016]

Here is what The American Banker says about Allison:
John Allison, the former CEO of BB&T, emerged relatively recently as a possible pick for Treasury secretary. Allison is slated to meet with Trump on Monday, according to the president-elect's transition team. Allison is well known to the banking industry, having led BB&T from 1989 to 2008. He has spoken out against the Federal Reserve Board, with which he would be working closely if nominated and confirmed to the Treasury role, and opposed much of the Dodd-Frank Act while favoring higher capital requirements for the largest institutions. A former president of the libertarian Cato Institute, Allison testified in July that the current system isn't working.

"The banks today are focused on making regulators happy instead of going out and making loans," Allison said. "It is a big mistake to believe that regulators know the proper level of risk. … They are tightening standards way too much and it is hurting the normal growth rate of the economy."

[source : Trump's Treasury Secretary: The Short List, The American Banker, http://www.americanbanker.com/gallery/trumps-treasury-secretary-the-short-list-1092580-1.html, Accessed: 30th November 2016]

So "Infowarrior" Trump could have picked a Fed-hater, but didn't.

Joe Biggs and all Infowhores in general should look a little closer to home for the cause of the 2007/8 financial crisis.

Because it was regular Infowhores guest Dodgy Roger Stone who scuttled Eliot Spitzer's investigation into corrupt Wall Street practices which allowed Wall Street to wreck the global economy in 2007/8 and bring on a decade of global austerity.

A schoolboy error by Biggs and Infowhores.



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