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As I Was Saying . . .

Posted by SHAUN MULLEN, TMV Columnist in Economy.
Apr 1st, 2008 | Comments

A smarty pants commenter or two took umbrage a couple of weeks ago when I said that it would only be a matter of time before taxpayers were asked to pay for the meltdown of Bear Stearns and other greed-inflicted Wall Street bigs who got scorched in the subprime mortgage and related disasters.

Well, the time is now.

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Davebo

Sounds pretty unconstitutional to me.

ChrisWWW

Absolutely f**king disgusting.

mikkel

Yeah it is blatantly illegal. There are many people in Congress that are furious and are talking about torpedoing the whole deal.

Marlowecan

The US is not alone in supporting Corporate Welfare Queens.

In the UK, Labour just bought out Northern Rock - a major bank that collapsed near the end of last year. Lots of little people lost huge amounts.

Incredibly, having driven the bank into bankruptcy, its leading executives gave themselves multi-million pound bonuses for their performance.

Whatever happens with B.S., in the end one thing is for sure: its brilliant executives will emerge with healthy compensation packages.

Scum and vermin.

runasim

According to what has happned in the UK, , the US is more successful at spreading moral corruption than it is at spreading democracy.

At least we're good at something!

StockBoySF

I'd love to believe that it is an April Fool's joke, but knowing this Bush administration it's not....

Slamfu

Hey guys, you remember that time when the big <insert relevant industry> company was complaining about all the gov't interference and regulations, then skirted the rules with a big profit generating scheme that really just hid its losses, screwed its shareholders and customers, and then ended up taking it in the ass to the tune of tens of billions of dollars? And then the taxpayers had to foot the bill to cover the entire hairbrained operation? Me too, man those were good times.

Whats that you say? Can I be more specific......?

Slamfu

Maybe this will help narrow it down. The executives and idea guys behind the scheme managed to amass fortunes for themselves, knowing the whole time that the endgame was a losing propostiion, but since they already had a plan to leave someone else holding the bag when the music stopped they didn't mind. Did that help?

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