In an unusually frank article published in Saturday's New York Times, the newspaper's economic columnist, Joe Nocera, reveals what he calls "the dirty little secret of the banking industry"--namely, that "it has no intention of using the government bailout money to make new loans."
As Nocera explains, the plan announced October 13 by Treasury Secretary Henry Paulson to hand over $250 billion in taxpayer money to the biggest banks, in exchange for non-voting stock, was never really intended to get them to resume lending to businesses and consumers--the ostensible purpose of the bailout. Its essential aim was to engineer a rapid consolidation of the American banking system by subsidizing a wave of takeovers of smaller financial firms by the most powerful banks.
As Nocera notes: "Read that answer as many times as you want--you are not going to find a single word in there about making loans to help the American economy."
In 2000, Congress passed a law barring states from regulating credit default swaps under their gambling and “bucket shop” laws. This set the stage for the market in “financial derivatives” that are a big part of what is causing the economic meltdown today.
Borovoy has been particularly vocal in denouncing what he views as misuse of the country's human rights commissions.
The document contends that our demands on natural resources overreach what the Earth can sustain by almost a third. 
"Bomb Obama!" he said repeatedly. "Get rid of him," he told the cameraman. "I've had a number of people in the...when he gets in the White House...(mimicks the sound of a gun firing)." The exchange was reported to Pottsville police and the Secret Service. Pottsville Police Captain Richard Wojciechowsky reportedly said it "did not sound serious."
