Thursday, September 25, 2008

And Speaking Of Land Grabs::

in response to this:

The Mother of All Management Buyouts

Martin Kelly writes from Scotland:
You're dead right to describe the bailout as a coup - in fact, it's worse than that; to all intents and purposes it's a management buyout of the American financial and political systems.

And done with Other People's Money!
I've been blogging about this since last Tuesday (to anyone who's willing to listen) - there is absolutely no normative difference between the proposed operation of Paulson's bailout and Gaetano Salvemini's description of Mussolini's economic theory as being that 'profit is private and personal, loss is public and social'.

a highly knowledge friend in the industry writes:

It is a land grab. Imho, currently proposed will result in hundred of bank failures. GS [Goldman Sachs] and MS [Morgan Stanley] just became bhc why? To buy insolvent banks on the cheap..

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