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It's sad that these financial institutions involved themselves in the
sub-prime paper which in turn, has now adversely impacted the entire
market. I understand that everything has a value and that greed
drove the decisions to buy these bundled mortgages which would have a
high default rate but would give off a high yield until that time
came. Still, I hope that our government doesn't compound the
mistakes and greed by bailing them out since that would send a signal
that regardless of how stupid your business decisions are and
regardless of the motive for making the errors, the tax payers will
pay your losses. Shifting these risks and losses to Fannie and
Freddie would do exactly that. MER hiding the loses by burying them
into hedge funds only proves their inept leadership and increases the
lack of trust in their institution which is no doubt already
rampant. One would think that when a large bank or money center of
any kind picks new executives, they would not only look for Harvard
MBA's but test these people for what level of common sense they
possess. The degree may only be a tool to know how to make horrible
mistakes rather than the sense to not make them at all.
Ok, end of rant
Bob
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