From Zero Hedge:
It is Friday afternoon, and of course the most troubling news comes out.
Last week it was that the idiots in charge are raising their stake in Ally to 80%; this week also did not disappoint: The WSJ reports what can arguably be the most important story of the week – to wit: The government just seized three wholesale credit unions and has launched an "unusual plan" to manage $50 billion of troubled assets inherited from failed institutions.
The unions taken into conservatorship include...
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More on financials:
Federal Reserve president: Financial reform a failure
Bank analyst Bove: Financial reform bill is a "disaster"
This could be the worst quarter for the big banks since the financial crisis