And they thought a rash of write-downs on bad house loans last summer was bad. Now we’ve got Merryll Lunch (ah, typo that seems appropriate, I think I’ll keep it) being devoured by the Bank of America to save some assets and apparently the feds are going to let Lehman Brothers die and possibly AIG as well. While we’re at it, let’s have the heads of all the C-level execs who allowed this reckless behavior to go on. (I should note that many of regulatory changes, allowing banks and insurers to share the same roof, came on the Clinton watch. Sandy Weill blazed new territory about a decade ago, combining credit cards, consumer banking and insurance and investing into one Citigroup. So, in an oddly twisted way, the GOP will try to pin the subsequent shenanigans on Clinton. Count on it.) I’m sure there’s a detail or two missing from this missive, but that’s the gist of it as I understand it.
The Democrats seem to have sharpened their knives of late. They’re tearing into McCain on the Bush administration’s lack of regulation and poor Sarah Palin’s “troopergate” issue about her supposedly trying to get her ex-brother-in-law state trooper fired. Guess they’re learning to borrow a page from the Karl Rove page of political operations.
Ah, learning from the Master.
This just in … Barclay’s in the U.K. has apparently struck a deal to buy part of Lehman Brothers, saving at least some of those jobs.
I don’t know who I feel sorrier for: the poor schlubs working in the cubicle farms or the ones used to living well. Actually, it’s easy. Let the high-on-the-hog bunch get a taste of Ramen noodles.