By, Of, and For

As expected, the bailout is taking losses from the fraudsters who are running the investment banks and pushing those losses onto the taxpayers. There was talk that there would be a profit for the taxpayers. The government is over-paying for nearly worthless "assets", and there were people who thought there would be a profit.

The government is privatizing the gains and socializing the losses. The bankers keep the bonuses from the false "profits" of the last ten years, and the taxpayers are forced to consume the losses.

Government by, of, and for the bankers.


http://www.bloomberg.com/apps/news?pid=20601109&sid=a2dHh.RbAogk&refer=home
‘No Prospect for a Profit’ on Fed’s Bear Assets: Chart of Day
By David Wilson
Feb. 4 (Bloomberg) -- U.S. taxpayers may be stuck with losses on $30 billion of Bear Stearns Cos. assets owned by the Federal Reserve even though the central bank has said otherwise, according to Robert A. Eisenbeis, Cumberland Associates Inc.’s chief monetary economist.
“There is no prospect for a profit on the assets,” Eisenbeis wrote in a report yesterday. “Losses are mounting.”
...
The central bank’s Board of Governors wrote in a Dec. 29 report to Congress that it didn’t expect “any net loss to the Federal Reserve or taxpayers” from the Bear Stearns holdings.