Saturday, September 27, 2008

We''ll Use Private Money If It's Guaranteed By The Government

Gerald P. O'Driscoll says the following on Cato:

"I have been telling reporters there is plenty of private money available for deals. Witness Bank of America’s purchasing Merrill Lynch; Buffett’s $5 billion investment in Goldman Sachs; and JP Morgan Chase’s purchase of WAMU. But sellers will now hold out for the expected baillout price from Treasury, and that will price private money out. A former colleague on Wall Street confirmed my position this afternoon."

I'd take this a lot more seriously if I didn't believe that these Wall Street investors were lobbying for this bailout, or at least government help or aid in getting a better deal.

No comments: