The Bear Stearns Bailout
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Can we see what's on the screen?
3 years ago 2
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They privatize rewards while we socialize the risk...
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Yeah. If BSC had actually gone bust, then the bankruptcy courts could unwind deals and payouts from up to six months or so back, meaning that the $1B of bonuses paid just two months earlier in January would have been clawed back. Instead, the Fed bails them out, and the brokers get to keep their bonuses
So, as Jim Rogers said, the Fed is using taxpayer money to buy BSC broker's Maseratis
We need to abolish the Fed, and the fiat money system, and return to sound money, backed by gold and silver
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it's good to see these rich finance fucks get wiped out.
mrzack888 3 years ago 3
The U.S. taxpayer is ultimately paying the bill for this one. You didn't hear about anyone demanding Bear Stearns management return their multi-million dollar bonuses from the last several years did you? They wreck the company, get paid a king's ransom and the U.S. taxpayer then foots the bill.
NYInvestingMeetup 3 years ago