Friday, February 6, 2009

Treasury Overpaid for Bank Assets in Bailout, Oversight Panel Says

Government Played For Sucker Again.

The Washington Post reports that federal bank bailout guys paid too much.
The investigators concluded that the Treasury under the federal bailout had invested $254 billion into companies but the preferred stock it got in return had a market value at the time of only $176 billion, or 69 percent of what the government paid, according to a congressional oversight panel report scheduled to be released today.
And that doesn't include the overdraft/ATM/service fees. Face it, the gummint got ripped off no matter what they paid or else why would the bank sell them anything. All this bailout is doing is letting the banks rip us off at wholesale prices instead of retail.

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