As part of the original deal, the Fed guaranteed to take on $30 billion of Bear’s most toxic assets and the central bank also directed Morgan to pay no more than $2 a share for Bear to assure that it would not appear that the Bear shareholders were being rescued, the Time reported, citing people involved in the negotiations.
If the price is increased, some critics could have more ammunition to complain that taxpayers are helping to bail out a Wall Street firm that should be responsible for its own risky behavior, the Times said, adding that is one reason the Fed was hesitant on Sunday night to approve the transaction at $10 a share.
Daggone right there should be complaints that taxpayers are helping to bail out a Wall Street firm that should be responsible for it’s own risky behavior.
If this is allowed, what I want to know is, how do the rest of us REAL live human Citizens get in on the action. How can REAL live human Citizens get the Fed to help bail us out.
Sound ludicrous? Of course it is. And so is this Morgan Bears crap.