Looting the FDIC

Don’t miss the post from Rortybomb explaining how the Geithner Plan will be gamed to loot the FDIC:

If you think that all these subprime loans are essentially good, with a few stray bad ones in there, then this is a great deal for taxpayers. This would be surprising, since nobody wants to go near these things. If you think that these subprime loans are shit, and there will only be a few good ones in there, then we are essentially transferring money to banks and hedge funds straight out of FDIC.


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