Corporate Welfare For Free Trade Fanatics, Again

Wall street always tells us that opening our borders and markets will enrich us. They don't mention that the 'us' is just them. Of course they take great pains to actually make sure their industries are not only protected, but bailed out when in trouble:

The Smoke and Mirrors SIV Rescue Plan

Although the details of the planned SIV rescue program, the so called Master Liquidity Enhancement Conduit (MLEC) have yet to be announced, enough has been leaked to allow us to speculate with slightly greater confidence.

........
Now to the details, or lack thereof. As we suspected, this program, which is sounds as if has been designed mainly among the Treasury, Citigroup, and agents JP Morgan and Bank of America (with limited input by unnamed others) is not far beyond the high concept stage. The speculation at the New York Times, the Wall Street Journal, the Financial Times, and Bloomberg is that it will be announced today with the expectation that it will be up and running (which we assume means having closed) within 90 days. But the worrisome acknowledgment in the Times that many details need to be sorted out says a great deal needs to be negotiated with intended participants. both the other banks with SIVs and prospective investors.

Hey guys why not just 'let the market figure it out'?