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Regime Puts Boot on BP's Neck

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RUSH: Robert Gibbs, the White House press secretary, with the mantra of the regime this afternoon...

GIBBS: I'm not sure the president can alter the pace of drilling in the Atlantic -- I mean in the Gulf, I'm sorry. We're -- I used this phrase yesterday, as Secretary Salazar used this phrase and that is we're going to do what we have to do, we will keep our, as Secretary Salazar said, our boot on the throat of BP to ensure that they're doing all that is necessary while we do all that is humanly possible.

RUSH: We're going to keep the boot on the throat of BP to make sure they're doing all that's necessary. He then went on to encourage fishermen in the Gulf to sue British Petroleum because it is they who are causing difficulties with the fishing habitat. So I just got a note from a friend of mine who is in the corporate bond business. "Hey, Rush, we were having an investment meeting here to discuss going short in BP bonds. Then we heard the Obama quote at the top of your show, 'Let me be clear, BP will pay for this spill,' and then we heard Gibbs say, 'We're going to keep the boot on the throat of BP,' so we have gone ahead and shorted British Petroleum bonds." He gives me the basis point spread, I'm not going to mention that to you, but he said the BP spread will widen with this attack on them for the financial liability. So you got a bunch of people -- follow the money here -- a bunch of people in the investment business are going to short British Petroleum stock and bonds because the White House is now attacking them. The White House is blaming them for everything that's going on. They're an adversary, the White House is not partnering with them to try to fix the problem or to solve it whatsoever. They are blaming them.

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RUSH: Madison, Wisconsin. Back to the phones we go. Mike, great to have you here, sir. Hello.

CALLER: Rush, hey, how you doing, buddy?

RUSH: Very well, sir. Thank you.

CALLER: Good. I'm a little off topic today talking immigration but I have kind of a bank question for you --

RUSH: Go right ahead.

CALLER: -- if you don't mind.

RUSH: Go right ahead.

CALLER: Goldman Sachs, they got a 10% share in the Chicago Climate Exchange, and now thanks to yourself and Glenn Beck know that Goldman has treated its employees and board members deep in the exchange and the administration itself, I was wondering: Do you think this has anything to do with why Goldman was bailed out and Bear Stearns was sold at a government garage sale?

RUSH: Uh, I'm not sure I understand the question. Say that in a different way again.

CALLER: Why is it that Bear Stearns was allowed to be sold off and Goldman is bailed out?

RUSH: Well...

CALLER: Goldman -- (garbled cell)

RUSH: Lehman --

CALLER: (garbled) ... Goldman and the administration and the exchange itself?

RUSH: What do you think the answer is?

CALLER: Well, I think the answer is that there's a lot of corruption going on in there and seeing as how Bear Stearns was at seventh largest securities firm at the time of their collapse, they can't say "too big to fail."

RUSH: No, it was a competitor that was gotten out of the way. There's no question.

CALLER: Yeah, and that's the thing.

RUSH: The federal government took care of it for Goldman Sachs. You want to know something else interesting? I'm going to have to double-check this. I got a note from somebody over the weekend trying to give me a tip and I didn't have time to check it, and I always have to check these things. But the tip said that there are 11 other firms -- and I'm not sure I can believe this but I'm going to go ahead and mention it. There are 11 other firms that were more involved in CDOs and derivatives than Goldman Sachs, that they were not at the top of the list of financial houses trying to pool these mortgages and make some sort of insurance package out of them. I'm going to have to double-check this. But if that's true, then everything that we have as a suspicion about this -- Goldman's in on it; it's just designed to pass Obama's bill, Chris Dodd's bill, the financial regulatory reform bill; Goldman's the biggest, the biggest name, the most hated, next to AIG, and this is a way to gin up class warfare just like they're doing now with BP. The administration had their boot on Goldman's throat, and now here come criminal charges for what they did. So always (in this case especially) follow the money, and the big pile of money was called TARP. Bear Stearns didn't get any of it. Lehman didn't get any of it. Goldman, which didn't need it, got a whole bunch of it routed through AIG, which also got a lot of it, and then the boot has been on their neck ever since this all happened.

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