IO: A lot of the executives responsible for some of these meltdowns in companies are still there. Theyíre still on the boards. Theyíre still getting multi-million dollar salaries. Some of the companies that were bailed out used some of the bailout money to pay their executives huge salaries. What you're saying is good in theory, but but these executives just keeping a low profile until things die down and then itíll just be business as usual?
JB: A good question. I think that itís very difficult to generalise, to say 'yes they will'. When you say 'they', youíre including a very large group of people.
I think itís outlandish the fact that the US government pays money to a bank, then they start paying bonuses. Thatís crazy. I mean just come on! Itís outlandish. Itís sort of a weird situation, because what happens is thereís a very fine line between the people that are in power and the people that are on Wall Street, because theyíre going back and forth. You know both former treasury secretary, Wilson Paulson, was the head of Goldman Sachs. He was the CEO of Goldman Sachs, so tell me thatís not a conflict of interest when he is now the treasury secretary and heís deciding whoís going to get money and whoís not and so on and so forth.
IO: Well, there was also criticism of Geithner because people are saying that heís one of the boys in that group.
JB: Well, especially about Geithner Ė he was the guy who you could say was asleep at the switch, when all of this was happening. He was in the New York Fed when all this was going on. Yeah, obviously heís there. I donít want to say Geitnerís a bad guy or anything, but clearly thereís an incestuous relationship thatís been going back and forth, not just for the the last five years, but for the last hundred years where people and banking and politics go back and they leave Wall Street, they go into politics, they come out of it. Look at Richard Rubin, the guy from Citi Bank. He was the treasury secretary. He actually changed the laws to allow some of these derivatives to be held on the books of banks in much larger concentrations and with much more leverage. He did that when he was treasury secretary. Then he goes back to Citi, back to Wall Street, takes a job at Citi, he dramatically increases the amount of money theyíre putting into these instruments, he makes I think $400 million when heís there and destroys the bank and then he walks away with the money.