It was predictable and, in my diary Saturday, I predicted it. The bank rescue investments will go to the very banks - 9 of them - whose malfeasance put us in the hole to begin with. And now the rich get richer. We have an monetary oligarchy of our own nomination.
According to Bloomberg:
The companies are Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, State Street Corp., and Bank of New York Mellon Corp., the people said. One of the people also said Merrill Lynch & Co. will receive an investment.
Swell, now we spend $250 billion on these guys who put here in the first place. I know that the First National Bank of Your-Hometown-Here probably never had a real chance to get any of this money, but the very names above bring visions of greed that exceeds every level of decency.
Here's the Bloomberg piece
I don't know what cabal in the Treasury Department came up with this list, but it sure had a lot of parents who have had relations with banks that get the winners' portions here.
This is inane; creating a richer level of bigger banks than we had before, giving them more capital to waste and more incentive to waste it. This is plainly thievery at the very highest level, and generations of Americans will still be paying this Goldman Sachs debt.
I suppose I don't have too much to worry about. My 66th birthday is Tuesday, so I don't have that many years to pay into the bank support act. For those of you who are younger - including my grandchildren, darn it (!) - I'm sorry we had no better idea of how to stop a "global financial crisis" than to pay off the richest institutions.
What a damn shame.