Monday, October 13, 2008

They Are Getting Ready To Divvy Up The Lucre: US Summons Only Super Elite Bankers To A Meeting

The Bush administration summoned executives from leading banks to a meeting in Washington Monday afternoon to work out details of the $700 billion plan.

And, as they say in Chicago, "If you are not at the table, you are on the menu."

For the record those expected at the table are:

Goldman Sachs CEO Lloyd Blankfein, Morgan Stanley CEO John Mack, Citigroup CEO Vikram Pandit, JPMorgan Chase & Co. CEO Jamie Dimon, and Bank of America Corp. CEO Kenneth Lewis were all asked to attend. There was some speculation that Paulson might have expanded the invitation to at least three other CEOs from various regional banks, people said.

The FDIC directly examines and supervises about 5,250 banks and savings banks, and Paulosn invites at most 8 bankers to discuss how to divvy up $700 billion?

"It was expected that whatever comes out of the meeting will be used to put the finishing touches on the plan," AP reported its sources as saying.


  1. We Austrian economists don't like math. Does that work out to a lot per banker?

  2. Bob,

    $700 billion divided by, at most, 8 is a very big number. You would really have to like math to figure it out.

    And given the way Paulson likes to dance when he explains what he is doing, you would have to listen very carefully to get all the elements of the equation, and then listen to Kashkari to fill in what is really going on.

    Therefore, Bob, just keep it simple: Them: $700 billion, Us: Zero

  3. Aren't your 'how to get a flat stomach' adverts unnecessary? After all, in the coming downturn, we're all going to get thinner. Well, the 80% of us on the menu, that is.

  4. You do not need to do the math, Kashkari will do it for you.

    "He said more than 100 companies had submitted bids to become one of the five to 10 firms that will operate the program to buy and manage the bad assets from financial firms."

    Steve, my math says that means 90 to 95% are going to be on the menu.