Monday, December 15, 2008

A Simple Test

Which one of the three following financial news stories is the most outrageous?
  1. The US auto industry is pleading for Bush to release $15 million from the TARP bailout, but odds are looking more and more like they will get nothing.
  2. Investment guru Bernie Madoff may have defrauded investors out of as much as $50 billion.
  3. Bloomberg News's lawsuit over which bank put up what as collateral for the over $2 trillion in loans and guarantees is denied on the basis of being "highly sensitive".
If you answered anything other than "three", you're frankly part of the problem.

Yes, they're all bad. But that last one should have Americans across the country out in the streets. We're not. And that's why number three there will almost certainly continue to happen even under Obama.

1 comment:

Anonymous said...

Re: Item #2

Found this interesting post when trying to look up a layman's explanation for "split-strike conversion" -- Madoff's supposed winning strategy:

http://aaronandmoses.blogspot.com/2008/12/original-dont-ask-dont-tell-madoff.html

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