The time for silence has ended. I’ve decided to start a blog, mainly to comment on what I see happening in the world economy these days and to pass on interesting news stories.
The one that pushed me over the edge yesterday was a piece in the Financial Times that reported Merrill Lynch paid its executives up to $4bn in bonuses days before it was acquired by Bank of America. BofA has been threatening to back out of the deal due to “material adverse conditions,” so the government has pledged to give more bailout money to help…this means taxpayers funded Merrill Lynch bonuses.
The New York attorney general has rightly begun an investigation. Note to Obama: our government should make a statement to the effect it will freeze the assets of such individuals who are being unduly enriched with bailout money until such funds are repaid – much like it would do for those who launder drug money or fund terrorist operations. Because really, aren’t these Merrill Lynch executives economic terrorists?