Are You Outraged Yet?


Well, after reading Matt Tiabbi’s most recent piece in Rolling Stone, you will be, unless you are one of the billionaires that got rich soaking their less savvy country-folk.

But if you want to get a true sense of what the “shadow budget” is all about, all you have to do is look closely at the taxpayer money handed over to a single company that goes by a seemingly innocuous name: Waterfall TALF Opportunity. At first glance, Waterfall’s haul doesn’t seem all that huge — just nine loans totaling some $220 million, made through a Fed bailout program. That doesn’t seem like a whole lot, considering that Goldman Sachs alone received roughly $800 billion in loans from the Fed. But upon closer inspection, Waterfall TALF Opportunity boasts a couple of interesting names among its chief investors: Christy Mack and Susan Karches.

Christy is the wife of John Mack, the chairman of Morgan Stanley. Susan is the widow of Peter Karches, a close friend of the Macks who served as president of Morgan Stanley’s investment-banking division. Neither woman appears to have any serious history in business, apart from a few philanthropic experiences. Yet the Federal Reserve handed them both low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income.

There are a lot more goodies after this page 1 stunner.

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One Comment on “Are You Outraged Yet?”

  1. HooDatIS? Says:

    i like articles that put people and the govt on blast mode!
    what happened to helping out the needy and not the greedy?
    visit my blog
    http://ethicalfutures.wordpress.com/2011/03/31/cutting-healthcare-in-a-unhealthy-environment/


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