Greg Palast Links Spitzer Bust with Bernanke Bailout of Banks Behind Subprime Meltdown

Greg Palast
Greg Palast
CWR co-hosts Bill Baue and Francesca Rheannon speak with investigative journalist Greg Palast, who notes the coincidental timing of revelations of Eliot Spitzer’s hiring of a prostitute on the eve of Federal Reserve Chairman Ben Bernanke’s $200 billion bailout of banks implicated in the subprime meltdown. The former New York Governor was set to unveil plans to pursue prosecution of the banks for predatory lending that is illegal under New York State law, where most of the banks are headquartered, according to Palast. So instead of being busted by Spitzer, the banks behind the subprime mess were rewarded with a fifth of a trillion dollars, printed by the US government.

14 March 2008, GregPalast.com: “Eliot’s Mess”

14 February 2008 Washington Post article by Eliot Spitzer: “Predatory Lenders’ Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers”

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