US 'sham' bank bail-outs enrich speculators, says buy-out chief Mark Patterson

[celticlord]

Geithner enriches speculators in "sham" bank bail-outs - Telegraph

“The taxpayers ought to know that we are in effect receiving a subsidy. They put in 40pc of the money but get little of the equity upside,” said Mark Patterson, chairman of MatlinPatterson Advisers.


The comments are likely to infuriate Tim Geithner, the US Treasury Secretary, because MatlinPatterson took advantage of the TARP’s matching funds to buy Flagstar Bancorp in Michigan. His confession appears to validate concerns that the bail-out strategy is geared towards Wall Street.

It's bad enough when ordinary folk call the bailouts a sham. It's pathetic when the ones profiting from the bailouts call the bailouts a sham.

“It’s a sham. The banks are insolvent. The US government is trying to sedate the public because they are down to the last $100bn (£66bn) of the $700bn TARP funds. They think they’re doing this for the greater good of society,” he said, speaking at the Qatar Global Investment Forum.

 

[Mach]

Mr Patterson said it would be better for the US to bite the bullet as Britain has done, accepting that crippled lenders must be nationalised. “At least the British are not hiding the bail-out,” he said.

Can you libertarians and republicans bite the bullet?

 

[celticlord]

Can you libertarians and republicans bite the bullet?

I would prefer an alternative, but nationalization via the FDIC followed by a recapitalization is preferable to the current insanity.

 

[NoMoreDems-Reps]

Two things to mention:
1) I just heared that the Gov. has only spent 6% of the TARP (Corperate
Welfare) ! So now that the Economy is "LOOKING" better we should not
Spend all the TARP money and avoid later inflation and Debt !!!!!

2) If ALL TRUE AMERICANS push our Representative to pass the HR 1207
Bill, we could see what is going on with "OUR TAX DOLLARS" !!!!
(Now don't get on your "REPS are just mad they lost so they want to
Cause problems for Obama" trip. This is good for America and ALL
AMERICANS ! If you haven't noticed Both parties are corrupt and will
screw you over at the drop of a hat...)

H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)