Sunday, September 21, 2008

Regarding This Bailout Mess

Rather than creating a new charitable institution that provides welfare to the rich - at taxpayer expense - why not encourage Chapter 11 restructuring? If there is not time for that, then why not do what else is normally done: cram down a restructuring plan on creditors where part of the debt is forgiven in exchange for some equity and/or warrants?

The alternative is a plan written to go in the history books as "America: A Time for Boobs". The body of the article will be an explanation of how a Wall Street banker helped create a Wall Street "emergency" to then force the general US population to pay for lousy assets at above market prices to the Wall Street bankers.

If this goes through I say we should at least get to see - via a website? - the details of each and every transaction. Maybe we can then be sure to hold some of these Wall Street execs to the fire. Otherwise, we're just stomped-on. Again.

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