Rick S.

Wall Street Breakfast: Must-Know News

Only in America can a group of "former executives" who drove their company into bankruptcy turn around a month later and borrow $2 billion to float a scheme patterned after the one that bankrupt their previous operation. And of course it won't be Black Rock itself that ponies up the $2 billion. They will borrow it from someone like Citi or Bank of America that will lend it to them no-questions-asked.

And five years from now the Federal Reserve will buy the toxic waste the new scheme generates, leaving the taxpayer to foot the bill. As I say, only in America.