Lex Lowther

Most of us know the guy above as Alan Greenspan, aka the former FED. The guy below is his replacement.

His replacement, Ben Bernanke, who is most famous for printing dollars like they are going out of style, recently put the printing presses on overdrive after the FED (via American Taxpayers) rescued an investment bank that got its hand smashed in the sub-prime investment cookie jar. The bank is Bear Stearns and thanks to a recent buzz from the Fed’s chopper, they were floated with an emergency loan. They were allowed to use their bad loans as collateral with the fed (try that the next time you go to the bank….not gonna happen).

Remnants of the company are currently being sold off for $2 per share to JP Morgan. A year ago the stock sold for $150 a share.  Like Keyser Sose from the Usual Suspects, about $2 Billion in value has vanished. Below is a link to the article: 

http://www.foxbusiness.com/markets/industries/finance/article/bear-bailout-employees-fortunes-vanish_520815_9.html

(Warren Buffett may have gotten taken to the cleaners as well given his interest in buying a piece of the company last September. No tears be shed though as $2 Billion is chump change for Mr. B.)

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With no guns blazing and nearly $2 Billion vanishing in shareholder value will indeed go down as one of the biggest thefts in modern history and it all occurred in plain site with the FED’s approval.

LEX

Hey I’ve got a clever idea. When I skydive, directly after pulling my chute, I’ll shoot a flare straight up. That will be cool. I suppose I might possibly fall to my fiery death, but I think it’s worth the risk.