This is Geithner's plan. Unreal!!
"To combat the bust, Washington wants to marshal some of the same financiers who grew rich during the boom: hedge fund managers and corporate buyout specialists."
In their misguided zeal to "protect taxpayers" the government will now seek to enrich the very speculators that not only fueled the bubble, but made fortunes on short selling companies that the government wants to save! This is beyond belief!!
"But Mr. Marks and other investors like him said they were in no hurry to wade into this mess. "
Marks is a major private equity operator and of course he's in no hurry! The guy's not stupid. He knows the longer he waits and acts like he's not interested, the more taxpayer money Geithner will throw at him. This is so convoluted as to be surreal! The government is basically handing over government regulated assets formerly held by banks under the government's own rules and scrutiny, to hedge fund and private equity speculators at pennies on the dollar and giving them taxpayer money to buy the stuff! Eventually, the hedge fund guys will sell all those assets back to the banks (the taxpayers) at a higher price. What is going on here!!!
We need to start a petition to remove Geithner and for that matter, Obama's entire economic team!
Read story here.
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