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IPFS News Link • Economy - Economics USA

David Faber lets loose with his real opinion on Bank of America's new bailout

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This morning David Faber related a story concerning how the CEO of BofA had some type of oral agreement with Henry Paulson to use TARP funding to cover the the (full) cost of its acquisition of Merrill Lynch and Countrywide. David Faber lets loose.

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Comment by Brock
Entered on:
The first rule is never to get emotional.

Back in Sept., Mark Haynes, Jim Cramer, and David Faber were emotional, and I laughed at them. I laughed at their emotion.

Now, I cannot convey the vehemence of the visceral reaction I just had watching that clip. Haynes and Cramer questioning that which literally brought them both to tears in September, and then Haynes saying, "You know, I wish I would have thought of it at the time. We should have given money to the bankers who were NOT in trouble."

Mark, I've got news for you. The money went to the banks that Paulson and Kashkari favored because THAT'S EXACTLY WHAT YOU SAT IN FRONT OF A CAMERA AND BLUBBERED FOR! It went to the banks they determined were "not in trouble"!

But, I've still got to ask, (and since you're in a reflective mood, Mark, you may even ask yourself) why do banks that are not in trouble need any taxpayer money?

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