What a Difference 0.3% Makes

"It wasn't 100%, it was only 99.7%"

That's the New York Fed trying to minimize the revelation that (contrary to its earlier statements) it did not have to pay foreign banks 100% of their investments.

As in:

Bloomberg: You paid French banks 100% of the value of their investments when you bailed them out with our money. Why did you do this?

NY Fed: Because French banks were barred by French law from accepting less.

Bloomberg: No they weren't. In fact one of them, Societe Generale, accepted a 30% settlement on a separate deal with Ambac in the same month you bailed out SG's trades at 100%.

NY Fed: Well, our bailout only paid the French banks 99.7%

Bloomberg: That's less than 100% and it directly contradicts your previous statement.

NY Fed: Well... shut up.

Bravo Bloomberg! Nail these idiots to the wall. I hope Geithner gets eviscerated on the hill.

(Via CJR)