Forrest Gump’s version of bail out
aloha!
Forrest Gump Explains Mortgage Backed Securities
Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall
Street stole a few chocolates from the boxes and replaced them with turds.
Their criminal buddies at Standard & Poor rated these boxes AAA Investment
Grade chocolates. These boxes were then sold all over the world to
investors. Eventually somebody bites into a turd and discovers the crime.
Suddenly nobody trusts American chocolates anymore worldwide.
Hank Paulson now wants the American taxpayers to buy up and hold all these
boxes of turd-infested chocolates for $700 billion dollars until the
market for turds returns to normal. Meanwhile, Hank’s buddies, the Wall
Street criminals who stole all the good chocolates are not being
investigated, arrested, or indicted.
Mama always said: “Sniff the chocolates first Forrest”.
See Secretary of the Treasury, Henry Paulson’s compensation for Goldman Sachs:
http://www.forbes.com/lists/2006/12/VY36.html
Washington Mutual executive compensation:
http://www.fool.com/investing/dividends-income/2008/09/29/wamu-richly-rewards-ceo-failure.aspx
AIG executives needed break:
http://thinkprogress.org/2008/10/07/aig-luxury-retreat/
____________________________________________________________________
Do you know that he plan Paulson proposed in the latest 700 billion bailout does NOT restrict what the banks can do with taxpayer money? Yes, they can turn it over in dividends to their shareholders.
SAY NO MORE.
