Treasury Secretary Paulsen bailed out Ken Lews who bailed out John Thain. If Lewis had let another 48 hours pass Merrill's stock price would have cratered. Thain (and all Merrill shareholders) would have lost a bundle more. Talk about "insider trading" at the expense of the American taxpayer.
This entire "bail-out" by TARP funds will go down in history as one of America's most egregious episodes of irrresponsibility.
The confederacy of suit-wearing dunces on Wall Street and in government will insure that comes true.
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