have a read fellas
http://www.bloomberg.com/apps/news?p...d=aaBSS5oKjb80
buy out failed banks lol
Our 401k's have to be dumb enough, smart enough -- or desperate enough, given the continued tightness of credit -- to invest the money willingly in crappy banks.
It sounds like the private/public partnership (PPIP) scheme, minus the guaranteed leverage and losses previously offered to hedge funds and bank receivers to invest in *legacy assets* (which they notably declined for the most part.)
Last edited by Winehole23; 03-21-2010 at 05:48 AM.
OTOH, in this instance the scheme would seem to provide an immediate pathway to reprivatization of financial risk, without the political liability of an RTC-like resolution authority.
Reprivatization of risk is good, but, as ever, caveat emptor.
Last edited by Winehole23; 03-21-2010 at 05:49 AM.
usaa just sent me an email of a Depository Agreement and Disclosure Change. Haven't read it yet but wonder if this is it.
You've got to be joking. Any good fund manager would not invest in most of these. They are experts at attempting to pick winners. Why should they add losers?The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.
Anyone remember the main selling tool on 401 all those years ago. Nobody can mess with your money! LOL
and I thought 401ks were "messing" with our money the whole time. Silly me.
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