Everyone knows the general public got screwed during TARP and the great bailout of '08/'09. Well, Congress recently forced the Fed to open the books on who they were making some of these loans to. This shit is hard to believe.

The Real Housewives of Wall Street:

http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411?page=1

[Edited on April 15, 2011 at 7:33 AM. Reason : d]

4/15/2011 7:32:08 AM

its not hard for me to believe, the government is not fiscally responsible and I doubt that it will ever be.

I will admit I'd have taken some of that 220 million that went to wives to had no apparent need for it.

4/15/2011 8:01:28 AM

bump to the top so we can all be together

4/15/2011 10:34:37 AM

4/15/2011 10:59:02 AM

4/15/2011 11:10:36 AM

I guess its one thing to be


the real question is what should we do about it?

4/15/2011 11:11:58 AM

complain about it on the internet. duh.

4/15/2011 11:15:26 AM

tldr

4/15/2011 11:16:03 AM

^and that there is what makes this broad daylight robbery possible

4/15/2011 11:18:06 AM

Haha, we though $1 trillion was huge and here is the fed doling out $2 trillion EACH to Citigroup and Morgan Stanley. We're doomed.

4/15/2011 11:37:02 AM

...tonight on the Intense Realism channel, we return to our weekly program "I Told You So". Our topic is "When Capitalism Trumps Democracy: The True Cost of Freedom when Everything is for Sale".

4/15/2011 11:38:15 AM

Quote :

"What started off as a targeted effort to stop the bleeding in a few specific trouble spots became a gigantic feeding frenzy. It was "free money for shit," says Barry Ritholtz, author of Bailout Nation. "It turned into 'Give us your crap that you can't get rid of otherwise.' ""

they're still doing that to a degree. there have been hundreds of regional banks sold in the past few years because they were in danger of failing...the winning bidders for these banks is basically the entitly that agrees to put the fed on the hook for the least amount of the banks bad assets....i.e. the winning bidder agrees to assume the good assets of a bank and only charge the fed 80% of the value of the failed ones.

I can see why they do it, but it's basically a sitiuation that either creates more "too big to fail" banks, or makes those already there bigger.

4/15/2011 1:32:22 PM

Pretty sobering article. Sucks.

4/15/2011 1:37:05 PM