The big winner has been JP Morgan, which got both Bear and Washington Mutual for fire sale prices. Bank of America isn't doing badly either; it got Countrywide and Merrill Lynch for not very much. But also doing well: Goldman Sachs, which has seen competitors disappear, is getting money from Warren Buffett, and as a big counterparty to AIG and others, is getting bailed out, essentially, at 100 cents on the dollar. I've wondered when the muttering about Goldman would start. Why are the counterparties going to make out so well in all this? Hey, where was Paulson before he came to Washington? Well, I need wonder no longer. Gretchen Morgenson starts the inquiry.
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1. Posted by Frank Miller on September 28, 2008 @ 11:22 | Permalink
This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
2. Posted by fedgovernor on September 28, 2008 @ 16:59 | Permalink
Or, you could do like Goldman Sachs and just bribe all the politicians.
Then, whenever your company is threatened ... you can threaten the government to disrupt the economy by filing for bankruptcy, and get bailed out at 100 cents on the dollar.
That sounds like the much, much better way.
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