Go to Heaven for the climate, Hell for the company. -- Mark Twain
It is no surprise that Tim Geithner and Ben Bernanke's plan to steal trillions of dollars from hardworking, taxpaying Americans and give it away to their friends on Wall Street would cause a big rally in the stock market.
Unfortunately, Geithner's plan is flawed. Its primary objective is to prevent any bankruptcies or receiverships in the politically favored money-center banking and Wall Street financial sectors. Put simply, the plan inflates the value of toxic assets, held by the money-center banks like Citigroup (C) and Bank of America (BAC) and Wall Street firms such as Goldman Sachs (GS) and Morgan Stanley (MS), and gives away trillions in free taxpayer money to other politically connected private equity and hedge funds to buy those assets.
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