He Who Pays the Piper….

The Senate Banking Committee is the ultimate legislative oversight for U.S. financial regulation. The members of the committee have almost all had donations from Freddie Mac and Fannie Mae. Now they are to decide on bail-out terms?

Incidentally Guido bailed out of all his speculative positions in the early hours of Wednesday morning when it hit the wires that Warren Buffet was taking a $5 billion stake in Goldmans, given his reputation Guido felt Buffet might single-handedly turn market sentiment. That combined with the impossibility of predicting how and when the politicians would go made the markets too random for Guido. Baby Fawkes is unwell and between the 24/7 currency markets and her, the lack of sleep was too draining.

Hat-tip : LFAT




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Quote of the Day

Boris on Osborne and Project Fear:

Unemployment has fallen by 250,000 to a new low of 4.2 per cent while record numbers of jobs have been created – including no fewer than 8 for the former chancellor and chief architect of project fear who has become a glorious living rebuttal of his own preposterous warnings.”

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