By Selwyn Duke
You probably didn’t see this one coming, but many Wall Street banks and financial firms may actually refuse to accept the taxpayer funds the government is shoveling its way. It may seem counterintuitive, but the Guardian.co.uk tells us:
Fears are mounting that many Wall Street banks and financial firms will
refuse to participate in the US government’s $700bn bail-out package,
leaving global markets and world economies in a perilous state for
months to come . . . .. . . Wall Street analysts, believe the addition of so many terms to the bill might deter potential participants.
One
of the least attractive elements is a section designed to curb
executive pay at banks that participate in the bail-out package. These
include limiting stock-related pay and banning ‘golden parachutes’ for
executives.
There is an immutable rule of man’s nature that people don’t refuse free money, but leave it to our politicians to do the impossible. I won’t complain, though, because I’m against this unconstitutional bailout. I tend to believe that while we may derive some short-term benefit from it, over the long haul it will only exacerbate our problems.
Anyway, one would hope that most of Wall Street would refuse the money. But, even if it does, does anyone want to bet that the government won’t find a different way to waste it?
Read the rest here.
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