philipmax

Going to Hell in a Handbasket: The Rush To Protect More Stocks

How gullible are we supposed to be. Henry Paulson is just camouflaging a huge cash infusion into CITIBANK the sick boy in the "In" group.

Last week Paulson arranged for CITI to buy up Wachovia Bank as a means to hide its massive losses (I judged to be in the 30-50 B this Qtr). It would have been a perfect media cover to explain this massive write-off as part of the takeover write-down no one would be the wiser about the rotten core of this bank.

In came Buffett.. er..Wells Fargo, and offered actual cash for Wachovia, all be it $6.00 a share and ruined Citi's party. What looked like a toddler's tantrum erupted and Paulson was smack in the middle of his two buddies squabbling over left-over cake..
What to do? What to do?
Ah Hah!!!
Start a new party and "force " everyone to partake of the cake thus hiding the deplorable state of Citi’s finances in the party's milieu. Today, Thursday the 16th , Citi came out with a 2+B loss which , it turns out was a 13+B loss, which would have been a 38B loss, had Paulson not doled out the candy.

What a bunch of hokum!! To insinuate that everyone HAD to partake in order not to stigmatize any one in the party. I really feel bad for JP Morgan to “Have to take $25B of taxpayers’ money after they already took $30B for Bear and $50B for WaMU both of which will yield JPM $200B over the next three years.

Well it’s MY money that Paulson threw at these cronies. How long are we to stand by while this LAME-DUCK crook fritters ours and our grandchildren’s future on himself and his well chosen cronies. All the same actors all the time. DISGUSTING