Must be nice to be a bank

Tom Dougherty, CEO – Stealing Share

6 April 2009

Banks, have you learned anything?

Banks…Oh, this is rich.

Reuters just reported that “U.S. banks that have received government aid, including Citigroup Inc, Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co, are considering buying toxic assets to be sold by rivals under the Treasury’s $1,000 billion plan to revive the financial system, the Financial Times said.”

Banks - Will you ever learn?

So let me get this straight. The banks are in trouble for having toxic assets and a few of those banks want to get into the “business” of brokering, buying, selling, and marketing these toxic assets as a profit center?

I remember Will Rogers once ended a radio broadcast by lampooning the Roosevelt administration’s “plans” for getting out of the great depression. As he signed, he said, “Oh, I don’t know, I don’t know, I don’t know any more about this than an economist.”

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