Fed Chairman Bernocchio has been ordered by a federal judge to testify in a lawsuit against AIG being brought by Hank Greenberg (their former CEO). Can you imagine this? The questions? Answers? The potential ramifications? I truly hope that the testimony is made public and not sealed because between the questions and answers there should be enough information to write a comedy movie that keeps you in stitches for 3 hours or more…
That is, assuming that Bernocchio doesn’t “plead the 5th” to everything he is asked. The questions alone should be comical. The answers are another story altogether. If “truthful,” the answers would portray some sort of epic sci-fi/tragedy that would make the Texas Chainsaw Massacre look like a PG film with a purple Barney as the lead role. On the other hand, it of course could turn out to be a comedy for the ages if Bernocchio perjures himself like he has done so many times in front of Congress! Please raise your right hand, do you swear to tell the truth, part of the truth or none of the truth…so help you God?
The decision to force testimony was done as I understand because of “extraordinary circumstances,” the judge just could not fathom making such a large decision without his testimony. I wonder why The Fed did not claim “immunity?” “Immunity” as in the Fed chairman is head of a “federal” institution (yeah right!), or because of “trade secrets.” This does however have the makings of a “slip up” if testimony is made public. Since the 2008-09 debacle, we have already found out that the Fed loaned out some $17 trillion all over the world (amongst other things), what might we glean from this?
The suit by the way claims that “the government took over AIG so that they could provide (backdoor bailouts) to Goldman Sachs, Bank of America, JP Morgan, Chase and other banks”…well duh, isn’t that how it works in America? This all happened because Hank Greenberg was apparently not on the “A” list, had his primary assets confiscated and then kicked to the curb…but the system was “saved” so “it’s all good,” right? We will see but hopefully we get to really see this testimony “un redacted.” If so, there will be a premium on beer and popcorn so you should stock up on that too!