In a bad market, when they were ment to take losses, the persuaded fed to provide them with huge amount of money, and at the end of they day they won, during a bad market. What most of those investments banks did in reality, was, in a good market they made huge profits. The government by itself has been as much hustled in all this, as have been the main street people who lost their savings, jobs etc. And gov with fed bought this idea, and bailed them out, in essence just gave them free cash out of nowhere, some free margin to keep some deals running and close the losses on the others. So they ran to the fed and the gov asking for help, backing it up with an argument that if they fail, ie go bust, they whole world financial system will, everything will die rot and whatever.
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