Here’s something I’ve been waiting to see for a long time, but never really expected to: An investor who recently purchased a bank using TARP matching funds puts his investment in stark terms for all to see (please see Naked Capitalism’s comment, introduction, and excerpt.
Here is the key quote from the investor, included at NC, taken from The Telegraph (I believe this is NC’s source):
“The taxpayers ought to know that we are in effect receiving a subsidy. They put in 40pc of the money but get little of the equity upside,” said Mark Patterson, chairman of MatlinPatterson Advisers.”
Goddamn, that’s forthright. It’s almost like the transaction is not just for the profit of his organization as it is as a proof of concept and example of how the TARP lends itself (or even outright encourages) abuse.
Let’s see if this catches on in American media (kind of sad that a Google search on the returns mostly blog and European news provider hits. Where is the American media on this bold exposition?).
… and the cow goes moo
