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"Sham" TARP bailouts aid speculators

Last night, The Telegraph published an article by Ambrose Evans-Pritchard. The article has since been removed from the Telegraph website. In the article, Pritchard reported on a speech given at the Qatar Global Investment Forum by Mark Patterson. Patterson is Chairman of the taxpayer bailout recipient private equity firm, MatlinPatterson.

In the speech, Patterson made some incendiary remarks, most notably that US banks are insolvent, and that the Geitner plan is merely a sham. This is a significant alleged statement from a significant player.

Patterson has been quick to respond by calling the Telegraph article a fabrication. This has become a hot topic in the economic and financial blogs, and perhaps provides clues as to the future of the US banks, and the role of the US taxpayer.

The medium- to long-term issue of dollar deflation or inflation has yet to be decided. However, if the losses are seemingly endless, and the bailout continues indefinitely then high inflation is a given, in my view.

Here is the article in its entirety.


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