Upshot is: Warren Buffet invested in banks and got good terms. The TARP bailout invested in those same banks and got considerably less bang for the buck. Half? No. Try a tenth of what WB got.
Here the home run bit of data:
The government has received warrants [rights to buy shares] valued at $13.8 billion in the 25 biggest capital injections from TARP, according to Bloomberg data. Under the terms Buffett negotiated for his $5 billion stake in Goldman Sachs, the TARP certificates would have been worth $130.8 billion.
This is what happens when Congress legislates with a (perceived) gun to their heads.
Late edit: The Big Picture has Bloomberg's graphics on this. Visuals help, I think.
2 comments:
Actually, we get to eat the corn out of his sh..........
Sorry.
That's some mighty expensive corn...
*grin*
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