Bloomberg on Hank Paulson tipping of HFers prior to the bailout of Fannie/Freddie:
Paulson explained that under this scenario, the common stock of the two government-sponsored enterprises, or GSEs, would be effectively wiped out. So too would the various classes of preferred stock, he said.
The fund manager says he was shocked that Paulson would furnish such specific information — to his mind, leaving little doubt that the Treasury Department would carry out the plan. The managers attending the meeting were thus given a choice opportunity to trade on that information.
It breaks no law, the article says, but it certainly crashes through the plate glass window of Appearance of Impropriety.
“I think if either political party or politician thinks they have any credibility to come down here and tap into this energy, they’re gravely misinformed.”
The last point is one I heard again and again from OWSers about Team Obama’s talk of channeling the movement. “They don’t have a fucking clue what they are talking about,” says Berger. “These [protesters] aren’t out here because they’re offended that they haven’t been spoken to nicely. They’re out here because they owe shitloads of money in student-loan debt and can’t find a job. Or they can’t afford their mortgage. And if Obama thinks that they’re gonna be able to divert this energy by talking about doing something, he’s got another thing coming.”
Erm, another ‘think’ coming.
Keeping the suffer in insufferable.
Oh please stop adoringly quoting the Naomi Wolf.
Because when you consider the quality of the dots she’s connecting, and the facility with which she connects them, Osama bin Laden is directing the anti-OWS efforts, from a spaceship, while riding a dinosaur.
michelledean replied to your post: OK, now I’m all mean to Naomi Wolf. There was some…
No one need ever be nice to Naomi Wolf, she of “I’m not really clear on the definition of unconscious and so am not sure if someone has sex with you while you are unconscious that it might be against your will” fame.
Well then. I guess I shouldn’t feel bad about calling her not very smart and even less principled.
OK, now I’m all mean to Naomi Wolf. There was some memo about when to be nice that I missed.
For at least a year. Will relegate to only being grateful.