So this deal amounts to a transfer from pension funds and other fixed income investors to the banks, at the Administration’s instigation

9 Responses to So this deal amounts to a transfer from pension funds and other fixed income investors to the banks, at the Administration’s instigation

1. General Rasta, SLA | January 24, 2012 at 7:51 am |

   @Max,

   as of Thurs, Obama is also raiding the pension funds (again) to delay having to ask to raise the debt ceiling limit (again) too.

   ooooooops

2. donnydave | January 24, 2012 at 8:52 am |

   People warned of this.Now it’s happening,awfull to say but it comforts me on those days when you sit down and ask yourself “Am I mad? am I imagining all this economy collapse stuff?”

3. donnydave | January 24, 2012 at 9:44 am |

   Petroplus to file for insolvency.

   “Shares in the company, which is Europe’s largest independent oil refiner and owns the Coryton oil refinery in Essex in the UK, were suspended on Monday.”
   http://www.bbc.co.uk/news/business-16696749

4. Alf | January 24, 2012 at 10:45 am |

   Someone’s been phoning George Osborne for advice.

5. gman | January 24, 2012 at 11:30 am |

   The story comes from nakedcapitalism.com, they deserve the traffic.
   http://www.nakedcapitalism.com/2012/01/obama-to-give-banks-mortgage-get-out-of-jail-almost-free-card-pressures-state-attorneys-generals-to-capitulate.html

6. I_Cant_Believe_Its_Just_a_Dip | January 24, 2012 at 11:40 am |

   Didn’t realise there was anything left in the pension funds, or is this a type of rehypothecation?

7. t-rex | January 24, 2012 at 11:41 am |

   hey hey hey! its kool-aid! steal from peter to pay paul. you get the hint, dont you?

8. I_Cant_Believe_Its_Just_a_Dip | January 24, 2012 at 11:55 am |

   @donnydave, The MSM et al is constructed in such a way so that we are made to feel like the mad ones-this is how brain washing works. Forget about Def-con 5, its more a case of Scare-con 1.
   http://www.youtube.com/watch?v=2I7vPbthvWo

9. Nak | January 24, 2012 at 1:03 pm |

   GREAT IDEA. It is not like 70 million Baby Boomers are starting to retire. I guess the banks are Hypothecating/Re-Hypothecating everyone’s pension funds. Ask Not What Your Country Can Do For You — ask what you can do for your BANK.