Who knew we could hire such fantastic people in the government to save us from ruin. Little wonder why Obama hired Hank Paulson to continue screwing the entire country as he did under Bush.
(author unknown)
“Total awesomeness!” enthuses Fusion IQ founder Barry Ritholtz, who’s dug into a stash of emails and documents pertaining to the epic collapse of Lehman Bros. The New York Fed put them online this week.
“Some of the emails between Lehman execs are laughable — naive, silly, hubristic, childish,” he says. “But my favorite piece simply has to be the Morgan Stanley research report from June 30, 2008. It gives an ‘overweight’ rating to Lehman under the title: ‘Bruised, Not Broken, Poised for Profitability.’” That was 47 days before Lehman vaporized.
“This is (literally),” says Mr. Ritholtz, “what the category ‘Really Really Bad Call’ was invented for.”
But that’s not the best part, nor what brings out his most colorful language: “Who was the author of this steaming piece of $@#*, and where is he today? Why, he is Patrick Pinschmidt, and he is a senior policy adviser at U.S. Treasury Department!”
“You could not make up stuff this un-#($*ing-believable even if you tried.”
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