Listen, I will tell you where, no where, they had no money, so what did they got? useless financial papers with suppose value; oh, and don't be fooled management knew it. They present to the investing public balance sheets with "fuzzy value" in a scheme to deceive and cash in the hard earned cash of the middle class who thought they have real value in their 401Ks.
Suddenly, these high priced, falsely inflated stock became penny stocks, they fell like humpty dumpty, thus, leaving baby boomers without their pension dollars. Furthermore, baby boomers, have to forfeit their retirement; and those who have retired are now working part- time competing with high school kids for low paid jobs.
I wonder, are big banks CEOs dumb or are they just arrogant, how could they be buying private jets while asking taxpayers to bail them out of their financial mess? I don't get it, what's the logic?
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2 comments:
Good article! Thanks for informing us!
Very true assessment of the so-called giant banks money management. Their money management application is "mal money managementorama. Even now the stimilus is not as far reaching as expected because the bank is bailing out itself instead of investing in the economy.
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