Friday, March 14, 2008

Money, Money, Money

Well the masters of the universe in the banking and financial industry who came up with these hair brained schemes like "sub prime loans" still do not understand that their universe is shrinking. Even as Feds try and make a silk purse out of a sows ear and the idiots of the finiancial industry still can not own up to their mistakes. Here are some of the money quotes:

"Taken in total, the effort seeks to cure three paramount failings behind the credit meltdown: Financial firms at each step of the securitization process didn't know what they were buying, didn't care as long as they were making money, and didn't have enough cash to cover mistaken bets."

TRANSLATION: I believe this is called mismanagment. And gee who is responsible for that? Oh yes the "managers" of these institutions.

"Unfortunately, you've got the brightest minds of both parties working night and day to come up with solutions, and so far there have been a lot more misses than hits," he said."

Ya Think!

"Paulson, a former chief executive of Goldman Sachs, also raised the hackles of some Wall Street bankers by suggesting they cut dividends to shareholders to raise their capital levels to cover potential losses. They said punishing shareholders was the wrong move for banks that are struggling."

So let me get this straight these bankers screw up up but, they don't want to punish the shareholders? OK how about these executives resign and sell their Hamptons houses, private jets and a only drive one car (without a chaffeuer) too. When they were making money were they giving any of the extra profits back to the rest of us taxpayers. I think not but, now that house of cards has collapsed they don't want anyone to pay for their bad decsions exept the U.S. taxpayers. I don't think so.

No comments: