The United States is the largest hedge fund in the world. Let's quickly check the list of companies that USA owns or has agreed to bail out.
1. AIG--bailed out because of credit default swaps
2. JP Morgan--mortgage backed securities and CDS
3. Bear Sterns--mortgage backed securities and CDS
4. Citibank-mortgage loans, MBS and CDS
5. Freddie Mac--mortgage loans, MBS
6. Frannie Mae--mortgage loans, MBS
7. Indybank-
8. Wachovia
9. Washington Mutual
10. Chrysler
11. General Motors
12. Ford (not quite yet)
13. Lehman Brothers (just went bankrupt)
14. 64 banks have received TARP funds
15. 23 FDIC bank failures
Oh, and the Dow went up over 1,500 points in the last week. Hmmm. Wall Street must think these failures are a good thing. Wow...
No comments:
Post a Comment