Tuesday, September 16, 2008

Seeking Alpha Gets it Right

Capitalism punishes bad risk. These jokers took bad risk in spades, so they should be wiped out. The common shareholders should be left with nothing. If this was a good deal for the taxpayers, this would have been a private transaction. The very fact that the Fed is involved speaks loudly to us that no private company believes that this is a prudent loan.

Go to the site and read the entire story.