Welfare Queens

President Obama and Secretary of the Treasury Geithner have given Goldman Sachs a $13 billion no-strings-attached, no-interest, non-repayable grant

This was operationalized through the AIG Bailout. Goldman Sachs, which has taken billions in TARP funds and other government welfare, and had previously stated it had no material interest in AIG, nonetheless received $13 billion in payments from AIG after the government gave even more money to AIG. Goldman Sachs is not only a fraudster of a company, it is a welfare queen, dependent on the federal government to pay for its reckless, antisocial behaviors.

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Other large institutions have benefited as well.

In an inexplicably good move (he, after all, liedjust today on ABC’s This Week by saying he spent his entire career in public service) , Secretary of the Treasury Timothy Geithner has asked for the authority to nationalize large financial institutions. I hope he gets it, and uses it. Zombies such as Citi, and welfare queens such as Goldman Sachs, should be seized, their shareholders wiped out, their officers civially prosecuted for mismanagement and criminally prosecuted for fraud, and their assets transferred to the treasury.

Just as I support a 90% tax on TARP-funded bonuses, salaries, and capital gains, I support the nationalization of zombie banks and welfare queen financiers. Their raids on the Treasury must stop.

Update: Obama has forced the CEO of GM to resign. The head of the UAW, and the CEO of Goldman Sachs, have not similarly angered our President, and still have work.