Saturday, Mar 29, 2008
What is the Fed up to handing Bear Stearns over to JP Morgan, now accepting bad mortgage debt from other troubled banks?
Seeking Alpha: Bear Stearns’ Bailout by the Fed, JPM: A Century Old Conspiracy
I found this article in an unlikely mainstream financial blog which shows from the comments which range from anger to gratitude that it was published.
"J.P. Morgan’s chairman, James Dimon holds a board seat at the Federal Reserve Bank of New York.
The Fed and U.S. Treasury brokered a deal for J.P. Morgan in haste without question. Usually, such huge deals or mergers would go through committees or FTC oversight, but none of that here –a quick weekend jaunt in the park."
If the Fed is such a dubious power hungry private bank why does our BoE play along? I don't think I was alone in thinking over the past few years housing bubble what was really going on, letting so much personal debt build up when there was no hope of paying it back?
Posted by happyrenterz @ 10:21 AM (109 views) Add Comment
1 Comment
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1. harold said...
"What is the Fed up to?”
Passing on the tab to the hapless taxpayer, after the fat cats have exited the restaurant. Much like Northern Rock.