(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?
