By Richard Russell in Dow Theory Letters:

I read about what's going on in the Fed and the Treasury, and I can't believe it. Friedman, former president of the powerful NY Fed, (he's also a director of Goldman) buys 52,600 shares of stock in Goldman Sachs, and he's accused of a conflict of interest. Friedman quits - but where does he quit? Why I'll be damned, he quits his Fed job - and chooses to remain a Goldman director. What a surprise!

It's now obvious that the Fed and the Treasury want, above all, to save the banks. Everything else is secondary. It's also increasingly obvious that the bankers own the nation and that Goldman Sachs runs the nation and the banks. The whole thing is so flagrant that my head spins. And what Goldman doesn't control, the Pentagon controls.

How about this - AIG, the insurer which has been bailed out four times by the government to the tune of $180 billion has been named the "worst company in America" by readers of consumerist.com run by Consumer Reports. Some voters voted for Comcast as the worst until they heard that AIG, after receiving bail-out money, paid out big bonuses to employees. Considering AIG's wrong-way investments, giving out bonuses was disgusting and disgraceful. Will these guys stop at nothing in their greed?

How does Wall Street and these companies get away with these outrages? They get away with it because the public doesn't have the vaguest idea of what's happening or what Wall Street is doing.

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