Courtesy of Pam Martens.
President Obama With Inset Photo of New York Times Writer Andrew Ross Sorkin
The current issue of Rolling Stone magazine has a one-on-one interview with President Obama. Reading the interview, it became quickly clear how incredibly lax the New York Times was in failing to respond to repeated requests to correct a mountain of false facts that appeared in an Andrew Ross Sorkin article of May 21, 2012. President Obama is now repeating the same utterly bogus information for even wider distribution.
This is no small matter. Honing in on what genuinely caused the financial crash of 2008 is critical to understanding its roots and thus enabling the nation to write proper reform legislation.
This is what Andrew Ross Sorkin falsely claimed in his column in May:
“Let’s look at the facts of the financial crisis in the context of Glass-Steagall.
“The first domino to nearly topple over in the financial crisis was Bear Stearns, an investment bank that had nothing to do with commercial banking. Glass-Steagall would have been irrelevant. Then came Lehman Brothers; it too was an investment bank with no commercial banking business and therefore wouldn’t have been covered by Glass-Steagall either. After them, Merrill Lynch was next — and yep, it too was an investment bank that had nothing to do with Glass-Steagall.
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