On Wed, Mar 11, 2009 at 2:13 PM, Jim Devine <[email protected]> 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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