1. First rob the bond and stock holders, lend to the poor -- get the bonus. 2. Then rob the taxpayers and foreclose the poor -- get the bonus 3. Then sell more equities and bonds and rob more rich ppl -- get the bonus 4. Finally, get complete govt bailout, completely screw everyone -- retire! I think we're in between #2 and #3.
fre makes citi and mer look like angels. citi lengthens the amount of time for a NPA to actually be considered a NPA before being officially 'written down' on their books. (from 120-180 days on their last quarterly) mer sells off their debt at a highlyyy reduced price, provides the financing for the buyer, and then can still collect further write-downs on the debt just to get that debt off their books. (debt sell-off to Lone-Star) i am interested to see what's next among the institutions...