Re: [Pen-l] the looting of the US Treasury

[raghu <mraghu01@xxxxxxxxx>]

On Wed, Mar 11, 2009 at 2:13 PM, Jim Devine <jdevine03@xxxxxxxxx> wrote:

What happened? Banks borrowed money from lenders around the world. The
bankers then kept a big chunk of that money for themselves, calling it
“management fees” or “performance bonuses.” Once the investments were
exposed as hopeless, the lenders — ordinary savers, foreign countries,
other banks, you name it — were repaid with government bailouts.

In effect, the bankers had siphoned off this bailout money in advance,
years before the government had spent it.

Excellent article. I am pleasantly surprised to see this in the NY Times, but finally a newspaper calls the big scam what it is.

-raghu.

--
Never get into fights with ugly people, they have nothing to lose.

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