I'm not qualified to judge this assessment by a Bay-area based "quant," but if he's right, the Geithner plan is more or less a reprise of Enron. You really have to read the whole thing, but here are a few excerpts:
A friend of mine, who used to be on an energy trading desk back in the early 2000s, was listening to me talk about the government plan. He couldn't believe what I was telling him about letting the banks that are selling auctions also bid on them. In the middle of my explanation, he had his own wave of nostalgia: "Man does that bring back memories...."
So why did my energy trading friend get all nostalgic? "Because what you are telling me brings back some great memories from what Enron was up to back in the day. All of us energy traders back then watched with our jaws on the floor. 2000 was a hell of a year." Or maybe it's not a mistake; maybe this is his way of paying back all those contributions he got from Wall Street. |
Don't forget that Enron was pushing the global warming scam. Somehow the press kept forgetting to mention that. I wonder why?
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