On Mar 19, 2008, at 11:58 AM, Charles Brown wrote:
>
> How do we know the eternally maligned "bureaucrats" were not still
> evaluating the deal ? - Bureaucratic black tape ( tape that keeps
> you
> in the black)
I wonder. The supposed "bailout" of Bear looks more like daylight
robbery by Morgan and the Fed--their Manhattan headquarters alone is
worth *4 times* the "offer they can't refuse" from that Family (there
was a great editorial cartoon from Danziger in the March 17 NYT
Online). Most likely, a genuine bailout by Citic was something the
Fed or someone even higher up absolutely wanted to avoid.
>>
>> Citic, a Chinese bank run by the government, was all
>> set to purchase
>> nearly 10 percent of Bear Stearns until Friday's
>> debacle. The only thing
>> that saved Citic from making a terrible deal?
>> Bureaucratic red tape in
>> Beijing.
>>
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to be called Zeus."
Herakleitos of Ephesos