Macro Tsimmis

intelligently hedged investment

Bank of America (BAC) update #7—TARP bait and switch now official

Posted by intelledgement on Wed, 12 Nov 08

Outgoing Secretary of the Treasury Hank Paulson today made it official: the TARP funds he begged Congress for so as to purchase toxic assets in order to save the Republic will now be used for anything but that. With the outgoing administration pulling out all the stops to prop up the corrupt bankers who got us into this mess rather than actually address the underlying problems—and the incoming administration conniving right along—we may just end up skating by the thin ice one more time…unfortunately. But today’s action makes it clear that the powers-that-be are improvising, and that systemic risk is still on the table. Thus, we are holding our financial company shorts—Bank of America (BAC), Goldman Sachs (GS), HSBC Holdings (HBC), and Wells Fargo (WFC)—for the time being.

Previous banking company short-related posts:

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