Sunday, Dec 21, 2008
Something is rotten....
FT: Hedge funds gain access to $200bn Fed aid
Hedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200bn programme intended to support consumer credit.
Posted by gardeniadotnet @ 12:09 AM (430 views) Add Comment
5 Comments
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1. Rottentomato said...
Something is rotten indeed. The parasites are being kept alive, while every excuse in the book is used to deny U.S. states, the necessary funds to keep essential service going. For example California, under Schwartzenegger, is drastically reducing education and healthcare expenditures, literally in a criminal way, because this is leading directly to people's deaths. The excuse? Our budget is over stretched because there are too many people retiring, too much healthcare expenses, we can't afford it. But I can't help noticing that the financial parasites keep on getting as much free money as they want.
2. bystander said...
Another example of how wrong the world has become over the last decade or so. These hedge funds, gambling dens, have become legitimised and too important because pension funds and, dare I say, a few government/council agencies have invested heavily in them. Once this is all played through there has to be some very strong/positive and morally correct decisions made to stop this sort of moral hazard ever being allowed to happen again, but for the moment they have to be helped. The masters of the Universe have become too powerful and need, in the future to be reminded of their mortallity.
3. japanese uncle said...
All hedge fungus need is Fungus Fighter.
4. Amos said...
Poor old Bernard Madoff, if only he could have held on for a bit longer the Fed would have bailed him out too!
You can imagine Bernanke and Paulson discussing it "Ok its a ponzi scheme, but its simply too big too fail"
5. d'oh said...
Breathtaking isn't it...hedge funds are not (or at least should not) be part of the banking infrastructure. They are high return, high risk "investment" vehicles for the wealthy. The whole point is that you get the high returns by accepting that you may lose all your money. This bailout of hedge funds is so crooked it is fractal.