A card-carrying MOTU thinks Europe should follow the U.S. example

what a bunch of hooey...

Roger Altman: America’s blueprint for saving Europe’s banks

The financial crisis struck the US harder and more quickly than it did Europe. The complete freezing of credit markets required an immediate and overwhelming intervention – and the American fiscal and monetary authorities delivered it.

Between the Federal Reserve, Treasury and the Federal Deposit Insurance Corporation, approximately $13,000bn of credit support was arranged for financial institutions in late 2008 and 2009.

There was no alternative to this massive reaction, and it worked. US credit markets are now healthy, and the recapitalised banking system is stable. History will look favorably on the boldness of America’s response. [emphasis added]

so, who is this guy roger altman anyway...?

wikipedia...

Altman holds a B.A. from Georgetown University and an M.B.A. from the University of Chicago Booth School of Business.

He was a general partner of Lehman Brothers from 1974 to 1977. From 1977 to 1981 he served as the Assistant Secretary of the United States Department of the Treasury, during which time he helped oversee the then-troubled financial affairs of Chrysler. In 1981, he returned to Lehman Brothers, where he became the co-head of investment banking and served on the board of the company and the management committee. During the 1980s, he was a lecturer and adjunct professor at the Yale School of Management. In 1987, Altman joined the newly-formed Blackstone Group as vice-chairman, head of its mergers and acquisitions advisory business and a member of the investment committee.

Altman served as the Deputy Treasury Secretary, before resigning in 1994 following a record-keeping scandal. In 1996, instead of returning to Blackstone he co-founded Evercore Partners, a boutique advisory and private equity investment firm in New York City, and currently serves as firm's Chairman.

Altman has served as advisor to two presidential candidates: John Kerry in 2004, and Hillary Clinton in 2008.

Altman is founder and chairman of Evercore Partners, which advised on the GM deal. Evercore, after being paid $46 million by GM pre-bankruptcy, asked for a $17.9 million "success fee." A U.S. bankruptcy trustee termed the fees "staggering" and "inordinately large" and said it "clearly exceeds the bounds of reasonableness" given that "Evercore had no success at finding a purchaser or funder for the Debtors."

Altman is listed as a member of the Steering Committee of The Bilderberg Group, a controversial group of influential business and government leaders who meet annually behind closed doors under a media blackout to discuss world issues. In 2009, Altman was on the list of Bilderberg conference attendees in Greece. [emphases added]

yep... altman is the guy the financial times thinks we should all be listening to... i don't think so...

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