23 September 2008

the special interest orgy has begun

the times spins a tale of curs gone wild, looking for ways to get rich off the bazillion dollar bailout of capitalist pigs that took on too much risk.

Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.

At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.

Nobody wants to be left out of Treasury’s proposal to buy up bad assets of financial institutions.

by pandering to special interests and jiggering with prices, there is a hope that we will all be able to get back to holding hands and singing songs by the campfire.
“The trick for the Treasury and American people is to make sure that the price exacts enough of a toll on the originators and holders of these securities, but not enough to destroy lending,” said Mr. Gross of Pimco, who has argued in recent weeks that the government must buy distressed debt to deal with a “financial tsunami.”
with Government protecting us, we need never fear.

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