Michael Grunwald has written a column attacking Senator Bernie Sanders. It is entitled ‘Don’t break up the megabanks.’ As Grunwald appropriately discloses, he is Timothy Geithner’s ghost writer and a fervent co-religionist of Geithner’s gospel of adoration of and devoted service to the world’s most fraudulent bankers.
Grunwald gives the reader fair warning that he has no financial expertise and is prepared to say anything to try to defend the banksters and Geithner when he makes his first argument the claim that it is ‘un-American’ to break up banks that pose a global systemic risk. To the contrary, few things could be more American if you are even remotely familiar with American views of megabanks from the founding of our Republic.
I will return to responding to Grunwald’s efforts to prove that Geithner was correct to protect the world’s largest and most criminal banks and banksters from effective regulation and prosecution in a subsequent column. First, however, I will write a series of columns on Grunwald’s heroic effort to convert Geithner (with Alan Greenspan and Bernanke) from one of the Nation’s three worst anti-regulators into a regulatory sage complete with a parable of the ‘river of risk.’ Geithner infamously boasted that he was never a regulator in a rare foray into candor. But the new Geithner is reimagined by Grunwald as a regulatory guru. Grunwald’s effort at sycophancy is in another demonstration of our family rule that it is impossible to compete with unintentional self-parody.
This post was published at Wall Street Examiner by William Black ‘ June 10, 2015.