Just finished reading today's MIDAS. Never seen such an excellent score of reports, comments and observations in one day (many knowledgeable ECU shareholders amongst them).

What is most frightening to me (as a non-American) is that no-one in the US seems to be able to react right now, while Bush and Paulson are still in command, and all the weight is put on Obama's shoulder. Too much weight for any man to bear, IMO, even if you have a few Bart Chiltons to help you. Makes me think of the TV-series with Elliot Ness fighting All Capone.

Between many fine comments, the article below initially struck me most because of the last sentence.

" Dave from Denver…

IndyMac acquired by ex-Goldman fraternity

Anyone find it interesting that IndyMac is being acquired by a coterie of ex-Goldman bankers?

http://www.bloomberg.com/apps/news?
pid=20601087&sid=amsKqB0fIxtQ&am...

Dune Capital's Steven Mnuchin is also the son of Robert Mnuchin, who was an old-time partner with Goldman during the time when Goldman was Wall Street's elite private partnership.

To me this calls into the question as to whether or not this was an arm's-length transaction. This deal was clearly overseen by the Treasury Dept, which is loaded with Goldman Sachs people, and should have been conducted and structured in a way which maximizes the sale proceeds to the taxpayers.

Although details are lacking, it appears that the buyers will be on the hook for the first 20% of losses and the FDIC (aka the taxpayer) will be on the hook for the remaining 80%. Does this seem fair given that the buyers are only putting up 10% of the total capital ($1.3 billion being paid for $13 billion of total assets).

I have a hard time believing that this deal was put together with the interests of maximizing taxpayer proceeds and minimizing taxpayer liabilities. Rather, it appears that the Goldman Sachs fraternity running our country has confiscated yet even more taxpayer largesse. And the stealing seems to be even more blatant and met with less public resistance with each new deal. It's also interesting to me that this deal was consummated at a time when Congress is in recess and the White House is in transition.

Looks to me like the foxes guarding the henhouse are in the process of cleaning out the whole barn.