As Barry Ritholtz points out, Time magazine crunches TRAP numbers. Bernie Madoff malinvestments may have lost 100%, but your government, those investing mavens in the nation’s capitol, have lost an astounding -1,096%. Ladies and germs, that’s:
Normal programming will resume after I pound my head against the wall for ten minutes.
Since the Tarp was jammed through in October, Treasury has invested $165 billion into the nation’s eight largest banks.
Those same financial firms are now worth $418 billion less than they were four months ago. CBO calculates the taxpayer’s preferred shares are worth $20 billion less.
Barry also coaches Turbo Timmy about his need to change costumes from Fed Guv’nor to Treasury Sec’y.:
I’ve noticed something I find a bit disturbing about our new Treasury Secretary: He has not yet fully come to terms with his new job, role — and boss. Granted, he’s been in the job for only two days. But given the extraordinary circumstances the financial sector and the economy is in, it is important for the Treasury Secretary to get up to speed as soon as possible.
Consider this statement from Geithner, who said that Treasury is considering a “range of options” for its financial rescue plan, with the goal of preserving the private banking system. “We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system.”
No! Defending these idiots was your old gig. In the new job, you no longer work for the cretins responsible for bringing down the global economy. Please stop rationalizing their behavior, and preserving the status quo!
“Simón Bolívar is the only person in history to be exiled from a country named after him.” -Kinky Friedman