Is it just me, or should we expect corporate America to follow Warrant Buffet’s lead in his bid to pull Goldman Sachs out of the financial toilet?
Accounts vary, but Buffet's Berkshire Hathaway Inc. has sunk at minimum $5 billion into Goldman Sachs, and got warrants for another $5 billion through the sale of common stock at around $123 a share.
Suddenly, Goldman Sachs is on sound financial footing--without a penny from taxpayers.
In the meantime, what is the rest of corporate America doing?
As usual, the robber barons are standing around with one hand on their golden parachute and the other in your pocket.
You can see them drooling at the prospect of an unregulated $1 trillion worth of corporate welfare--under the direction of the Bush Gang’s appointed Secretary of the Treasury--while not in jeopardy of surrendering asset one.
If you were to fail financially due to medical expenses for a condition beyond your control, those same corporate vultures would be right there to kick your ass to curb.
No golden parachute.
No bailout.
Why can’t corporate America follow the Buffet / Goldman Sachs example?
Do we follow the corporate America example? We pay for the assets, we own the assets. We can buy the mortgages for pennies on the dollar and do with them as we please--you know, since we own them. And despite what you are being told, the mortgage default rate is not that high.
Consider this: the default rate is 4%, so that means 96% of mortgages are being paid on schedule. If we--that’s right, “we”, the taxpayers--bought those mortgages for pennies on the dollar--which is standard business practice--we could discount those mortgages, significantly reduce the number of mortgages in jeopardy, and turn a profit for taxpayers.
Don’t think for one minute that the robber barons have not realized that and it terrifies them that they might have to look to the corporate community to provide the bailout money.
Apparently most of them don’t have the integrity and vision of Warren Buffet.
Cowards usually lack both.
Bernie King---AKA: TBLMISBT (The Best-Looking Man In Show Business Today)---is a Minneapolis-based songwriter and musician. His latest release is King.
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