Thursday, February 26, 2009

Pump and Dump

Words just fail me.

Treasury is going to overpay for Bank of America stock. We're going to pay "10% below the bank’s average stock price for the 20 trading days ending Feb 9" ("By the way, Feb 9 was the high point for all of these bank stocks during the month of February. What a coincidence.")

Guess what Bank of America executives were doing on the "20 trading days ending Feb 9"? Manipulating their stock price higher.

Oh, by the way, Obama has quietly signalled his intent to double TARP and give 750 billion more to the bankers (but we only expect to lose $250 billion of that, or over $800 for every man, woman, and child in the U.S.).

This is Zimbabwe worthy.

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