Welfare for strong banks?

[David Farber <dave () farber net>]

Begin forwarded message:

From: "Ronald J Riley \(RJR-com\)" <rjr () rjriley com>
Date: October 16, 2008 6:50:52 PM EDT
To: <dave () farber net>
Subject: FW: [IRE-L] Welfare for strong banks?

Dave, this is from the Investigative Reporters & Editors forum and I  
believe a reasonable question.  I am personally against the 700  
billion bailout because I think it is mostly pork for questionable  
players.  This sounds like like a confirmation of those suspicions.

Ronald J. Riley,


From: Paul Conant [mailto:znewz1 () YAHOO COM]
Sent: Tuesday, October 14, 2008 2:39 PM
To: IRE-L () PO MISSOURI EDU
Subject: [IRE-L] Welfare for strong banks?


I noticed a NY Times graphic that showed CitiGroup, Bank of America  
and Wells Fargo as receiving $25 billion each in welfare money. OK,  
I'm no expert. Maybe someone who is an expert can clue us in as to why  
these reportedly healthy banks need these hefty infusions. Or, was  
"the system" gaming us again, pretending these institutions were sound  
when in fact they weren't.

Recall that CitiGroup and Wells Fargo were duking it out over the  
right to buy Wachovia and that Bank of America snapped up a weak bank  
at the behest of the federalies.

Best regards,
Paul Conant

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