Friday, December 12, 2008

Must read Cassandra - on Madoff

I don't do links much... this is great.


Oh, and this...

4 comments:

Blank Xavier said...

The US auto bailout has been struck down!

YES!

Of course, it's a terrible situation for the employees at those companies - but that wasn't going to be fixed by keeping these companies alive on tax money.

Blank Xavier said...

If it's too good to be true, it is.

And that applies to Mr. Madoff and it turns out also to apply to the striking down of the US auto bailout.

The Gov. is now it seems going to permit those companies to borrow from TARP.

I'm hard pressed to imagine a worse outcome.

Government -> we WILL screw your economy.

Anonymous said...

Don't be too enthousiastic about a non-bailout for the autos. It will likely cause a 2000 point drop on the Dow and if the liquidation becomes really messy could seriously destabilize the US economy.

Bailing out failing companies is bad, nut letting them collapse in a messy way in this climate of fear and loathing is probably worse.

Blank Xavier said...

Have you seen the list of companies who've invested? and how much they've lost? christ - it's a roll call of incompetence.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3774560/Bernard-Madoff-RBS-and-Man-latest-to-reveal-exposure-to-50bn-alleged-fraud.html

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