The bailout of American banks was supposed to provide money for loans. But — according to a report released last week by a watchdog agency overseeing the financial rescue program — instead of boosting lending, banks have used the funds provided by the government (read: “you and me”) to pay down debt or, believe it or not, buy other banks.
So today, I won’t be asking you to look at the market or at a sector or a stock. Instead, I’m going to tell you a story. It’s a fairly involved story, with lots of intrigue; as such I’ll tell it in two parts.
It’s a story with many lessons. And it’s a story that is not, unfortunately, unique, in that there are others who could also be placed under a similar revealing lens (see B-of-A mention above).
Today we’re going to turn our attention to Part 1 of “A Wall Street Saga.” Today’s installment is “A ‘Goldman’ Opportunity.”
Now last year, during the financial crisis with which we all have become intimately acquainted (through no desire of ou
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1 Comments in Response to “Corporations don’t tell lies; someone within the corporation lies.” — John Coffee, Columbia Law Sch
For over a year now, the financial sector has been taking gazillions of dollars in bailout money and gone on wild parties with it, given themselves monumental bonuses, redecorated their offices, bought new planes, bought every small bank and other viable financial instituation in sight but, now, all of a sudden, there's a report out on it. You people truly don't miss a beat, do ya?