Now that I've taken the time to understand what happened with Chase Morgan and Bear Stearns, all I can say is I am OUTRAGED. Bottom line (and I'm skipping a ton of boring details, here):Bear Stearns was "exposed" to the highly volatile sub-prime market (meaning they got greedy and tried to make money off of people who didn't have a ton of money to begin with). As a result of their exposure, they were about to go belly-up.
In steps the U.S. Government, and, whoosh! Chase Morgan purchased the stock, paying 7 cents on the dollar, with the Feds picking up the rest of the tab... with public money.
So now, Morgan owns the controlling interest (the company, pretty much), but paid nothing for it. The tax payers footed the bill for a corporate merger, to "boost the economy." We, as tax payers, will never see a dime from this 30 billion dollar "investment."
Is this what the rest of Bush's term is going to be like?
No comments:
Post a Comment