jasonjim

S&P Downgrades Investment Bank for Being Too Good at Investment Banking

The bank guys if nothing else can smell a dollar profit a mile away. They will buy alt-A and other toxic debt for 10 cents a dollar on the open market, then sell it later to Geithner's public/private consortium for say 20 cents on the dollar. A 100% gain in a few months--not bad. Geithner's crew will sell them for 40cents on the dollar because they will be secured by the government, for another 100% gain. Oh how the merry wheels of finance continue to roll. Let's hope the taxpayer isn't the one who eventually has to pay for the broken pieces in the puzzle.