In April of 2009, Obama’s new SEC appointees, strong-armed by bank lobbyists, pushed the Financial Accounting Standards Board (FASB) into suspending their crucial Rule 157, which had required publically-held companies to report their asset holdings based on standard market-based valuation procedures — called “mark-to-market.” After that, companies like Too-Big-Too-Fail banks could just make shit up.
This opened the door to the pervasive accounting fraud that allowed the financial sector to pretend it was healthy for the eight years that followed.
He played the role with cool-headed decorum, but that raises the question: was he just playing a role?
From the get-go, he made himself hostage to some of the most sinister puppeteers of the Deep State: Robert Rubin, Larry Summers, and Tim Geithner on the money side, and the Beltway Neocon war party infestation on the foreign affairs side.
How does this confer the kind of political free speech “rights” that the court allowed them to claim?
As the days of his tenure dwindle, what do we make of the departing 44 president?