Oh my goodness.
Hedge fun managers made a combined 11.5 BILLION dollars last year. Thanks to, well, you and me, actually. Since we bailed them out. And now, they're going to buy those troubled, oops, I mean "legacy" assets from the banks with the money we gave them. And if it doesn't work out for them, guess who takes on all the risk? You and Me!
Excerpt:
So you and I and other taxpayers have kept these hedge-fund honchos flush enough to be able to reap the bonanza that Geithner now wants to bestow on them for cleaning up the mess they and others on Wall Street made -- a bonanza to be financed by you and me and other taxpayers, who are taking on all the risk.
Full text:
http://robertreich.blogspot.com/2009/04/why-you-should-work-for-hedge-fund.html
Don't forget to read the end where Robert Reich slams in Economics Arch Nemisis Larry "The Blob" Summers.
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