Bankster of the day
OK, OK, one more, then RL. Helicopter Ben:
“I don’t see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when it just isn’t necessary,” Bernanke said at the Senate Banking Committee hearing.
The biggest banks, run by the richest people, are now insolvent, and this after sucking up at least two trillion dollars with nothing to show for it.
Where's the "franchise value" in that?
Imagine Bernanke had said that Enron had franchise value; the hearing room would be filled with hysterical laughter.
So how is Big Money different from Enron?
NOTE Unless the ability to suck up trillions, while paying out billions in compensation, is the franchise value. I suppose, to some, that would appeal.