Sep 29 2008
Another one bites the dust…
Another failed bank, well not technically failed by the FDIC standards, but by my standards… fail. Wachovia’s assets and losses will be absorbed by Citigroup in a deal that was brokered by the FDIC and a bunch of meddling kids, er, I mean meddling government types. Do statements like this bother you (full article here):
The move, which was made following consultation with President Bush, the Federal Reserve and Treasury Secretary Henry Paulson, was deemed necessary by regulators to avoid having “serious adverse effects on economic conditions and financial stability.”
“This morning’s decision was made under extraordinary circumstances with significant consultation among the regulators and Treasury,” FDIC Chairman Sheila Bair said in a statement.
All I heard was blah blah blah, let’s not wait for the bailout to pass before we start poking and prodding. We’re in for a hell of a ride people.
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The amazing thing is how fast these institutions go belly up. Another amazing thing is the notion that we the public will make a bunch of money from the bail-out. I’ve heard several pundits talking about that this morning on the boob tube. Unfortunately they’re right about one thing: the American public is stupid and gullible.
It’s definitely scary how fast these things are going down. Isn’t Citi doing poorly too? I thought I heard that before.
Yea, and where the states goes, canada follows.
Nice.
It bothers me that a few people can get together and order the sale of an entire corporation by another in one day. Very disturbing…
Bob Barr, where are you???