Tuesday, December 16, 2008

Hello tax-payer ? You've been robbed

Hank Paulson told tax-payers they were getting a good deal when they bought these "illiquid" assets.

Taxpayers were forcibly robbed, to buy assets that were described as "illiquid" which turns out to be a euphemism for assets that have lost half their value and that Wall Street doesn't want to sell and realise the loss.

Paulson assured the media that the public might even make a profit on these assets. Where is his apology for this ?

American International Group Inc. ... sold residential mortgage-backed securities with a face value of $39.3 billion to a facility funded by the Federal Reserve.

AIG will receive about $19.8 billion for the assets ...