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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: koan who wrote (96793)4/21/2009 11:09:38 PM
From: Nihontochicken2 Recommendations  Read Replies (2) of 116555
 
On CNBC Kudlow today, Bill Seidman, former head of the Realty Trust Corporation that cleaned up the savings and loan debacle, opined that the Treasury and Fed had gone the wrong path, and should be liquidating insolvent banks, not propping them up. When Kudlow went off about twenty allegations of fraud in the TARP program, Seidman exclaimed (paraphrase), "Twenty? I'm surprised there aren't fifty. This program was made for fraud!" Even those who have been kindly to big money in the past, such as Kudlow and Seidman, are losing stomach for this scale of rip off.

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