Friday, January 11, 2008

And The Rich .......

You may be hearing the news that Bank Of America is buying out Countrywide financial. But unless you are paying very close attention, here's a couple of things you may not know:

The CEO of Countrywide, the guy who ran the company into the ground, is slated to get a severance package of $115 million.

Though it's not confirmed, it is rumored that the Fed is providing some sort of guarantee/support to Bank of America in taking on the mortgage mess of Countrywide ..... essentially insuring BofA against the risk.

Before the announcement of the buyout deal, there was a substantial amount of "suspicious" market activity. In other words, inside trading netted some players a substantial amount of money on the deal.

And then these same Republican business types turn their fire on poor people who try to survive gaming government benefits. It's makes me sick. And why the voting populace puts up with this level of inequity .... and hypocrisy .... is beyond me.

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