The Fed’s Forced Marriage of Bear Stearns and J.P. Morgan

From TPMCafe:

One person who does not have to worry is James Cayne, the recently departed chief executive of Bear Stearns. According to the New York Times, he walked with $232 million in compensation over the period from 1993 to 2006. This is just another example of how the global economy rewards extraordinary talent.

The official line is that the Fed had to get involved and make the guarantees in order to keep the markets in order. This is not clear. It is not easy to accept Fed pronouncements these days. After all, just last year Chairman Bernanke was telling us that the problems in the subprime market were likely to be contained. It is time that the Fed comes clean with both an honest assessment of the severity of the problem and increased transparency in its behind the scenes deals with the big banks.

There is something a bit obscene about billions of taxpayer dollars going to the country’s richest people, when average workers can’t afford health care for their kids.

Daily Dose of Ingersoll


What is the next thing I find in this creed?

“We believe that man was made in the image of God, that he
might know, love, and obey God, and enjoy him forever.”

I do not believe that anybody ever did love God, because
nobody ever knew anything about him. We love each other. We love
something that we know. We love something that our experience tells
us is good and great and beautiful. We cannot by any possibility
love the unknown. We can love truth, because truth adds to human
happiness. We can love justice, because it preserves human joy. We
can love charity. We can love every form of goodness that we know,
or of which we can conceive, but we cannot love the infinitely
unknown. And how can we be made in the image of something that has
neither body, parts, nor passions?

Robert Green Ingersoll – “Orthodoxy”(1884)