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McCain Up, WaMu Down

by | 26th, September 2008

Well as the New York Times puts it:

‘Government Seizes WaMu and Sells Some Assets’

Though the headline omits to mention that the assets were what Hank ‘Call me Uncle Joe’ Paulson likes to describe as ‘Troubled Assets’.

And everybody is writing about it, which is fair enough since this is the biggest bank failure in US history; Washington Mutual had $307 billion in assets, so it’s probably the biggest bank failure in the history of the Solar system.

But nobody, so far, has asked whether John McCain’s plan to assist his own Troubled Asset, his Presidential campaign, by disrupting the bipartisan agreement that was reported to have been reached on the ‘Buddy Can You Spare a Trillion’ plan was the dagger in the back of WaMu’s share and bond holders.

As the reports started coming out of the talks ‘imploding’ whatever last hopes WaMu had of surviving disappeared, and it went under without the new CEO even knowing about it; don’t worry, he gets to keep the signing on fee.

It looks like McCain has been running an ‘off the record plan’, the political equivalent of Off Balance Sheet financing, and he appears to be perfectly willing to let anything or anyone go down if it will put him in the White House.

Which is also fair enough; that’s what politicians do. And maybe the rest of the media will notice it sometime soon…

– Chenier



Posted: 26th, September 2008 | In: Reviews Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink