Sunday, May 15, 2016

Greed Is Sky-Diving Without A Bailout

Speaking of broken sectors, ironically, no sector is more broken than Wall Street broker/dealers (Goldman Sachs et al.) which are making the fourth lower high since 2007:

Meanwhile, hedge funds are still lobbying the criminals running Washington to release the profits from the bailed out mortgage agencies Fannie Mae and Freddy Mac. They call the bailout illegal, even though these agencies and all of Wall Street wouldn't even exist without it:

"Hedge funds that have bet hundreds of millions of dollars on Fannie Mae and Freddie Mac’s stock aren’t just leaving the fate of their investment to Wall Street. They also are working K Street."

"Those funds and others bought millions of shares of the companies’ preferred and common stock in hopes of cashing in as they regained their independence following a $187.5 billion taxpayer bailout."

“Treasury’s illegal actions so far have stripped $130 billion of loss-absorbing capital” from Fannie and Freddie, Michael Bopp of Gibson Dunn said on behalf of Perry Capital. “Perry Capital has raised the alarm by litigating and lobbying for a capital cushion to protect taxpayers and public investors.”

In other words, Wall Street fat cats will protect taxpayers by redirecting all profits from government to hedge funds. You can't make this shit up.