Sunday, September 14, 2008
Alan Greenspan calls the current financial crises a "once in a century" event.
Lehman Brothers, a 158-year-old Wall Street investment bank that cannot be sold without the USG supplying the money, will declare bankruptcy tonight (Sunday.) And, by the way, the Lehman CEO was paid a $22 million performance bonus in March 2008, just as Bear Stearns was being bailed out with US taxpayer funds.
To avert another collapse, Bank of America is about to announce that it will buy Merrill Lynch, presumably without USG-supplied funds.
This transpires with narry a peek from either of the presidential candidates, with zero public input, with no Congressional hearings---nothing except the ex-CEO of Goldman Sachs (Treasury Sec. Paulson) and my namesake at the Fed allocating $100's of Billions of public funds to private pockets.