Just My Rant

Unless you have been living under a rock the last week you have seen the ’shocker’ deal that was cooked up over the weekend to GIVE Bear Sterns to JP Morgan for a song. Just to add insult to injury the damned FED helped JP steal this company right out from under the stockholders noses. I’m sorry but when a company gets sold ‘over the weekend’ in a closed door secret meeting you just have to ask what the HELL is going on! Has the Bernanke and the FED thrown all caution out the window and announced they have joined the corporate raiders using OUR money? I’m sorry but if this isn’t a WTF moment I don’t know what is.

So this sweetheart deal gets hammered out without so much as an afterthought about the stockholders and the employees (all of their bonuses were paid in stock options by the way) for a measly $2 a share. The damn stock closed Friday afternoon at $30 a share and somehow over the weekend it is worth less than 10% of that … give me a freaking break, this deal is rotten to the core and anyone with half a brain knows it! Hell the Sterns buildng in NYC is worth $8 a share so how in gods name can ANYONE sit with a straight face and value it at $2. I bet the cigars and champagne were flowing along with the back slaps that night, the old boy club had just screwed the world again!

There is also some amazing information you wont see on the evening news about this deal, news that makes this deal more sinister than it already appears. In January 2008, less than 2 months ago, the executives of Bear Stern were paid their bonuses for the WONDERFUL job they did running the company into the ground in 2007. Want to take a guess? How about 39 BILLION dollars! Yup you read that right, 39 Billion (with a B) dollars were paid out to the top executives less than 8 weeks before the company goes belly up! They an afford to throw money at executives that should be flipping burgers at Wendys but they can’t keep their company afloat! All I can say is HORSE SHIT!

So the company is ready to go belly up, that means they file for bankruptcy and whether you know it or not these fat cat executives would have had to give these outrageous bonuses back, that’s how bankruptcy works. So now I ask you, who was this bale out meant to help? The company? nope! The stockholders? Nope! This deal saved a VERY RICH, small group of corporate fatcats from having to give back $39 Billion dollars!

So there you have it folks, if this deal doesn’t show you how little YOUR government cares about you then I don’t know what will and don’t give me that crap about the FED not being a government agency, in name the are not but you know damn well president potato head is telling them what to do.

And as a sidebar to this rant I wanted to mention the Elliot Spitzer thing quickly. The second he stepped down the rumors it was a political hit started but this time is was main stream financial papers and sites saying it. Then on the 14th the ONLY reporter I trust broke the story on his site, Greg Palast’s “Elliot’s Mess, The $200 billion bail-out for predator banks and Spitzer charges are intimately linked” story shows that in fact Spitzer was taken down by powers that run all the way to the White House and I for one think the reason they HAD to take him out was this rotten, smelly FILTHY Bear Sterns deal!

This government and their ‘buddies’ are trying to suck every last dime out of us before we throw their miserable asses out on the street next year and I for one hope the stockholders of Bear Sterns file lawsuits that will keep this deal from EVER happening!

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