Thursday, October 16, 2008
Unfreaking Believable - Main Street's Bailout For Wall Street
So I was just out doing my rounds at the park with the kids (teasing the *moms*)...
I had an interesting conversation with someone (high up) who works for State Street Bank.
CaptiousNut - You work for State Street, huh? What department?
StateStreetEmployee - In the finance/accounting arm.
CaptiousNut - Are bonuses looking bad this year?
StateStreetEmployee - Well, no. Not now that we just got all that money.
CaptiousNut - They're just going to use it to pay people?
StateStreetEmployee - Yeah...there're no strings attached to it whatsoever.
For those of you in the dark, State Street is a Boston-based asset manager who's had its share of, at least rumored, problems this year. On September 18th, it dropped from $64 to $29 INTRADAY, before rallying to close at $59. All along they've asserted they "have no problems" - so then why the (bleep) are they getting a $3 billion taxpayer-funded bailout?
The fact that they intend to do-what-they-like with this money is to be somewhat expected, but it's still UNFREAKING BELIEVABLE that it's already been earmarked to fill a bonus deficit.
Why can't someone bomb a plenary session of Congress?
I mean it.
UPDATE - There was a little more to this fortuitous conversation.