Hank Paulson, ex-GS CEO, used iron fist bank tactics to perform a heist on F&F who were solvent at the time. Replaced BOD's with Gov friendly actors, told original F&F BOD's to accept conservatorship or face receivership. Told President Bush the first sound they'll hear is their heads hitting the floor. This is exactly why hiring bankers into Gov roles is NEVER a good idea. Massive CONFLICT OF INTEREST! Banks have never been on the side of the people. They are ravenous wolves. You and I have to sign Conflict of Interest policies all the time in the workplace, but Gov officials are exempt. Fatal flaw in OUR government.
But Hank&co used every trick and bureaucratic powers to make it worse for his adversaries (like Lehman, ML, AIG, FnF) and favor his cronies. Hank brazenly boasts about this in his book.
The big difference is loan sharks try the tricks within the framework of laws but Hank&co used banking laws (HERA) to violate framework of laws.
AI
