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Executives and lobbyists now flock to the Fed, providing elaborate presentations on why their niche industry should be eligible for Fed financing or easier lending terms.
The investors put up their own money in return for Fed financing that was then plowed into the markets for securitized loans — bundles of credit card or auto dealership debt and student loans.
Geithner had been instrumental in arranging Fed financing for JPMorgan's acquisition of troubled Bear Stearns through a $55 billion loan and later an additional $25 billion in TARP funds.
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It charged €7m for the seven-page memo which fed into finance minister Brian Lenihan's controversial decision to introduce a blanket guarantee for the Irish banks in September 2008.
By the late 1930s, Brown Brothers Harriman, which claimed to be the world's largest private investment bank, and UBC had bought and shipped millions of dollars of gold, fuel, steel, coal and US treasury bonds to Germany, both feeding and financing Hitler's build-up to war.
"The people who were putting in the orders should have followed a process to make sure the information was being fed into the finance team, and the finance team were making sure it was being properly recorded.
"How can Bolsonaro be anti-corruption if he's financed, fed, and supported by the main sectors that maintain the economic and political systems of our country, which are corrupt?" said Sâmia Bomfim, of the Socialism and Liberation Party (PSOL), one of few leftists elected to the new congress in October.
Fudged assessments condemned Greece to unsustainable debt and inadequate financing, which fed the constant fear of a chaotic default.
By industry standards, its management has been the most judicious since the 1980's, when rivals dove into dubious real estate financing that fed an asset bubble.
SOME years back a Greek finance minister, fed up with his country's waste and extravagance, claimed that he could save money by shutting down the national railway and driving its passengers around in taxis.
Mr. Papademos will probably also have a good rapport with the troika of the E.C.B., the International Monetary Fund and the European Commission that has Greece on a drip feed of financing made contingent on restructuring the economy and cutting the size of the government.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com