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Even my generally optimistic outlook for the USA is getting severely tested these days...
Are US taxpayers becoming the unwitting investors in the "World's Biggest USIP"?
The one that says "Proudly Made in the USA" on the extended warranty sold to the shareholders by their Congress [Frank et al] and Senate [Schumer et al]
The one for which the Fed and Treasury have the management contract. Do they get 2 & 20? Is that why they want to expand the portfolio?
And how about that SEC...don't they deserve a round of applause for their remarkable job finding an appropriate scapegoat [short sellers] for this debacle? That's almost as good as Congress blaming speculators for the price of oil. But not half as entertaining as feeding lions and Christians to the population, eh?
Are US taxpayers becoming the unwitting investors in the "World's Biggest USIP"?
The one that says "Proudly Made in the USA" on the extended warranty sold to the shareholders by their Congress [Frank et al] and Senate [Schumer et al]
The one for which the Fed and Treasury have the management contract. Do they get 2 & 20? Is that why they want to expand the portfolio?
[Paulson, Bernanke Push New Proposal to Cleanse Balance Sheets;
Sept. 19 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke proposed moving troubled assets from the balance sheets of American financial companies into a new institution..."It sounds like there's going to be a giant dumpster for illiquid assets,'' said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management...]
Is there anybody that now doubts that Bank of Countrywide is eventually going to end up in that same USIP portfolio, having just grossly overpaid for an investment bank to add to their existing investment banking activities, one of the absolute worst performing segments of BAC? How could John Thain have so quickly reversed so much of the damage created by Stan O'Neal, having stepped in less than 10 months ago? Sept. 19 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke proposed moving troubled assets from the balance sheets of American financial companies into a new institution..."It sounds like there's going to be a giant dumpster for illiquid assets,'' said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management...]
And how about that SEC...don't they deserve a round of applause for their remarkable job finding an appropriate scapegoat [short sellers] for this debacle? That's almost as good as Congress blaming speculators for the price of oil. But not half as entertaining as feeding lions and Christians to the population, eh?
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