Atlas Shrugged: The Mocking

Thursday, March 26, 2009

We Shall Know Them By Their Skill Sets

Oh, my.

The NYPost reports the two biggest banking wrecks, CitiGroup amnd Bank of America, have been aggressively buying toxic assets with bailout money, and goosing the MBS auctions.

You can imagine why this might get people upset. I suspect its rather unavoidable. These banks have investment wings, and they are trolling for opportunities.

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If anything, this argues against bailouts and in favor of nationalization, firing management, wiping out S/Hs, zeroing out debt, haircutting bond holders, etc.

We don't have to discover this sort of news to know what is going to happen. Thieves steal. It's what they do. These debates about the bonuses? Just words, to disguise the truth.

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