Two posts in one week – not my normal style. I promise not to inflict this on you again. After my post on Libor the other day, my friend Bill eloquently busted my chops. If you haven’t read his comment, you should. He made an eloquent case that the ends never justify the means, and … Continue reading Libor 2 – What Should Actually Scare You
Imagine that you have a life insurance policy that you no longer need. You could let it lapse or cash it in. You also could choose to sell it, perhaps to me. I’ll pay you a lump sum for the policy and agree to pay any remaining premiums. In exchange, I’ll get the payout when … Continue reading Taming the Beast
OK, let’s try this again. Since I last commented on the bailout, the Treasury Department has dumped $25 billion into Citi and promised about $300 billion more. I remember when $300 billion was real money. Treasury has now spent more than half of the TARP funds. Who knows how much worse off we’d be if … Continue reading Bailout 2.0 – What Am I Missing?