This Bag Man for the Wall Street Welfare State Backs Bailouts for Himself and His Rich Cronies

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The Democratic Party is now the party of the rich and a dancing bear for Wall Street. And Exhibit A is their Bag Man Jim Himes, Democratic Congressman from Greenwich, Connecticut.

A former Goldman Sachs employee, Himes along with his other big money cronies at Goldman Sachs were bailed out by our grandchildren when their bets on certain financial instruments went south in 2008 and they were about to lose their Gold Coast beach homes in Fairfield County and the Hamptons.

And at the risk of raising the reader’s blood pressure level to dangerous levels, a brief recap is necessary.

In the early 2000’s, banks goaded by the federal government lent money to anyone who wanted to buy a house, even if the purchaser had a small down payment and a low income. The banks who made these risky loans then sold the mortgages to investment banks such as Goldman Sachs who packaged these loans into bonds called Collateralized Mortgage Bonds and resold them to other financial institutions.

Goldman Sachs and these other institutions purchased a type of derivative (a financial product that enables you to make a large amount of money with small price changes in the underlying asset) called credit default swaps (CDS).

These CDS’s were insurance against the bonds losing value and were sold by insurance companies such as AIG (American International Group). But then homeowners started defaulting on their mortgages and the value of the Collateralized Mortgage Bonds plummeted. But AIG who sold the CDS’s didn’t have enough cash to cover these losses.

Thus all these Wall Street Masters of the Universe were about to go broke. But Wall Street knows that the best investment possible is to fund the campaigns of politicians like Jim Himes. The manicured hands of these grifters reached for their phones and voila, the political class complied and passed TARP (Trouble Asset Relief Program) giving Wall Street a trillion dollars, giving our grandchildren the bill and allowing the wives of these grifters to update their fur collection.

If you are embarrassed because you cannot quite follow the above explanation, don’t be. I don’t quite understand it either and I wrote it.

But an oversimplified example is this: Let’s say John borrows $10,000 from Harry and uses this money to play blackjack at the casino. If John wins, he gets to keep his winnings and pays Harry back his $10,000. But if he loses, he refuses to pay Harry back and Harry must get a job bagging groceries so he can afford to live. Now replace John with Goldman Sachs and Harry with you, the taxpayer. And Jim Himes’s goal is to make you Harry in this example.

How is he doing this?

In 2013, he proposed HB 992 to reverse the laws passed after the bail out to restrict derivative trading. He didn’t even bother to write the bill. His contributors from Citibank did! Fortunately, the U.S. Senate refused to pass it.

When Silicon Valley Bank (SVC) was paying high interest rates on uninsured deposits over $250,000, Jim Himes supported Treasury Secretary Janet Yellen’s (who received $7,000,000 in “speaking fees” from Wall Street) bailout of the billionaires when the green energy start-up scams SVC was financing couldn’t repay their loans. Middle class depositors got the bill with higher banking fees.

The popular perception is that Fairfield County is populated by uber rich titans, and that Jim Himes is just doing his job in servicing them; but that isn’t true. Fairfield County has huge wealth disparities. But as far as Himes is concerned, his job is to support his contributors, not his constituents.

And it’s working. Jim Himes has over $2,000,000 in his war chest thanks to his Wall Street cronies while his courageous Republican opponent Dr. Mike Goldstein brags if he gets $100 out of one of his medical school buddies.

And Congressman Jim Himes is sitting of his fat portfolio and living in his posh Greenwich abode courtesy of the bail out of Goldman Sachs by our grandchildren.

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