27-09-2008, 03:26 AM
I watched the testimony given to the House Banking Committee by Paulson, Bernanke & Co. The rescue plan is a scam. The 'sleight of hands' is hidden in the technical language. The rescue plan calls for the banks to sell their wrapped-crap assets to the government/taxpayer at "maturity value" -- not current "marked-to-market value".
There is a huge gulf between the two values.
Basically, the community of bankers would not just be rescued but would make a huge profit from being bailed out, as they hold these assets on their books at current market values (having been forced to write them down under audit conventions). Getting "maturity value" for them is a scandalous idea and one that very clearly has been engineered by crooks for crooks.
There is a huge gulf between the two values.
Basically, the community of bankers would not just be rescued but would make a huge profit from being bailed out, as they hold these assets on their books at current market values (having been forced to write them down under audit conventions). Getting "maturity value" for them is a scandalous idea and one that very clearly has been engineered by crooks for crooks.