[nathanbedford]

I posted this prediction in March:

Unknown Trillions of dollars handed out by unelected officials in secret to people we often do not know for purposes about which we are mostly ignorant. All ratified under one-party rule which expressly excludes the other political party, done with legislation that no one reads. Could anything be more opaque?

Under these circumstances fraud is inevitable. I therefore predict that these matters will soon be in the hands of a federal prosecutor, even against the wishes of the Obama administration, or in the hands of a special prosecutor, forced on a resistant Obama administration.

It could start with civil suits against corporate officers which might uncover evidence of actual fraud and collusion with government officials. There is too much interaction between administration economic advisers, treasury officials, and politicians and corporate executives. There is too much overlapping of political contributions and taxpayer largess for this chaotic misadventure to be free of corruption.

It is only a matter of time.

[blackdog]

They'll all settle out of court using our money again.

Elliot Spitzer mad a good living doing just that.

[CutePuppy]

Could anything be more opaque?

Not only it is deliberately opaque, but it's also done under the guise of "transparency".

There is too much interaction between administration economic advisers, treasury officials, and politicians and corporate executives. There is too much overlapping of political contributions and taxpayer largess for this chaotic misadventure to be free of corruption.

That is exactly why socialist regimes everywhere (be they fascist or communist, olygarchy or other mixes and variations) are the most corrupt political structures on Earth.

Even a fairly liberal economist Joseph Stiglitz Says Ties to Wall Street Doom Bank Rescue - April 17, 2009

“All the ingredients they have so far are weak, and there are several missing ingredients,” Stiglitz said in an interview yesterday. The people who designed the plans are “either in the pocket of the banks or they’re incompetent.”

..... Stiglitz said there are conflicts of interest at the White House because some of Obama’s advisers have close ties to Wall Street.

..... "The statement from Sheila Bair that there’s no risk is absurd," he said, because losses from the PPIP will be borne by the FDIC, which is funded by member banks.