Friday, April 3, 2009

Banks selling each other their bad assets

Bailed-out banks eye toxic asset buys

US banks that have received government aid, including Citigroup, Goldman Sachs, Morgan Stanley and JPMorgan Chase, are considering buying toxic assets to be sold by rivals under the Treasury’s $1,000bn (£680bn) plan to revive the financial system. Spencer Bachus, the top Republican on the House financial services committee, vowed after being told of the plans by the FT to introduce legislation to stop financial institutions ”gaming the system to reap taxpayer-subsidised windfalls”. Mr Bachus added it would mark ”a new level of absurdity” if financial institutions were ”colluding to swap assets at inflated prices using taxpayers’ dollars.”

Posted by devo @ 07:41 AM (678 views)
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One thought on “Banks selling each other their bad assets

  • “Citi declined to comment.”

    “Goldman and JPMorgan did not comment”

    Come on guys, why the reticence? We’re all waiting.

    Reply
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