Why, yes, why don't you tell me the fuck all about it? Pay attention, Canada ... you're looking into a Stephen Harper future.
P.S. I'm sure the numerous Americans who have been wiped out financially due to medical emergencies or natural disasters will appreciate this bit:
The Federal Reserve also chipped in with more largesse in its emergency lending program for investment banks.
Because nothing says "worthy of a taxpayer-funded bailout" like an investment bank.
6 comments:
Privatize the profits socialize the loses. The much tooted capitalist free market system at work
One thing you should remember. The people responsible for this are not capitalists. Most are employees. A very few are speculators, gamblers.
Capitalism is risky. And it should be a personal risk. Something none of the people involved in the big decisions are.
No matter how bad they fuck up they're going to be rich. The consequences fell on the lower level employees and the taxpayer.
Nice work if you can get it.
Barry Ritholdtz (sp) over at TheBigPicture has it exactly right:
Go Big: Don't just risk your company, risk the entire world of Finance. Modest incompetence is insufficient -- if you merely destroy your own company, you won't get rescued. You have to threaten to bring down the entire global financial system. The fear and disruption caused by a Bear collapse is why it was saved. (AIG has the right idea on this)
The two bozos at Freddie & Fannie walked away with millions after totalling the companies. I think people tend to play fast and dirty when it is not their own money. If you win, you look like a genius and if not you walk away with a golden parachute...
And it should be a personal risk.
That's the way it used to work, before all the exotic financial products that no one understands. And one thing people hate these days is to appear economically illiterate by admitting as much.
MAD doctrine modified for the free market.
boris: tee hee...
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