Crony Capitalism at its best!

(Cross posted on The Aristocrats)

Here's what Mike Whitney has to say about Tim Geithner's Public Private Investment Partnership (PPIP):

What manner of man would conjure up a transaction where taxpayers put up 94 percent of the investment ut only stand to get 50 percent of the profits.

That's assuming there is a profit. If the toxic sludge goes bust, private investors only lose the six percent they put up.

Whitney goes on to point out that:

The Treasury Secretary's main job is 'to keep the banks in private hands' and to remove over a trillion dollars of toxic mortgage-backed assets that are worth only a fraction of their original value.

Isn't it time for some pitchforks and torches?


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