Yes, read the Mack piece written by Taibbi.
My disappointment, anger, concern, etc., know no bounds at this point.
Imagine, a Wall Street Big Swinging Penis has a bimbo wife who forms a partnership with a Wall St. widow, capitalizes it with circa $14 million, gets a loan from Fed for $220 million, invests in partnership (domiciled in the Caymans to avoid taxes), buys a bunch of securities, makes dough, so far only pays back $150 million and has option of giving the Fed the middle finger because, get this, the ultimate outrage, it is a non-recourse loan.
Th deal allows the bimbette and her partner to keep all profits, but the losses are borne 90% by the Fed.
Oh, and Wall St. BSD does not bother to take bonus, for PR reasons, but the happy frickin' couple buy themselves a $14 million carriage house in the Upper East Side.
Not even Tom Wolfe, author of Bonfire of the Vanities, could have imagined such a sordid tale.
Bottom line: the bitch and her partner can keep the amount they haven't repaid and give the taxpayer (the Fed) a fare-thee-well bugger off wave of the hand. Profit so far if they tell Uncle Sam to shove it: $70 million.
And the list of these loans is, according to Taibbi's sources, endless. This is one of many examples. No wonder the Fed has resisted disclosing its transactions.
Where is Andrew Jackson now that we really need him? The ultimate insult to his memory was putting his visage on a Federal Reserve Note.
Wish I knew how to ask for non-recourse loans from the Fed. I suppose it is nice to have a BSD Wall St. husband....naaaah, that had nothing to do with it. |
