I am so pissed off right now. They aren't even trying to hide that they are stealing from the tax payers.
It works like this only banks with $10 Billion dollars of toxic assets can buy more toxic assets (this keeps the little banks from becoming zombie banks and or possibly making huge profits later). This is stupid because the reason we are bailing out banks is because of their toxic assets yet here we are allowing the 'too big to fail' banks to get more toxic assets.
But wait it gets better, they aren't buying the toxic assets with their money, no they are using bailout money. So that if everything goes bad who cares they didn't lose any of their moeny. And if things go really well or just break even they'll split the profit with the tax payers (maybe) and keep a chunk for themselves.
Also now because only the big guys can buy toxic assets they will sell off any assets they own outright to another toxic asset buy and then repurchase them with govt money so that no matter what the only money they'll lose is tax payer cash. This means they can sell the bad assets to the other bank for more than anyone in the market wants to buy them for because, only banks with $10B can buy them and again it isn't their money to lose.
This is the greatest heist in history going on right now.
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