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Entitlement

Yves at naked capitalism had a good post yesterday on the infamous Bear Stearns Ten Buck Rechuck, that I think needs repeating:According to Sorkin, the $2 price for Bear was the Fed’s and Treasury’s idea; JP Morgan was prepared to pay more, but they nixed the idea, saying they did not like the “optics” of the deal. The implication is that the officials overstepped their bounds. That is a pretty outrageous spin when the government is putting up taxpayer money. …
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  25 March, 2008| housingblogs | @ 13:42

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