More shenanigan: US taxpayers pay for Bear Stearns 10$ a share

Shouldn’t the American public be upset about taxpayer money being used for Wall Street bailout? 

As part of the deal the Fed gives JPMorgan $30 billion worth of guarantees for Bear’s toxic loans – just in case if toxic crap on their books is actually toxic.

I don’t know but US taxpayers need to think about this. Maybe this is not right.

Fed’s Bailout of Bear Stearns is illegal! This needs to stop!

Unelected bureaucrats and corrupt politicians went beyond their legal mandates and gave our money to a single private company. We need to act!

Karl Denninger wrote a great post explains in great details the shenanigan our government and Fed is doing. Please read it. And sign the petition.

Dick Bove: Is he credible?

Yesterday, on CNBC, Dick Bove said that it is time to by banks and that financial crisis is over. Here is article:  “Bove says financial crisis over, buy banks “.

However, Dick Bove is person who upgraded rating of Bear Streans to “market perform” from “sell” in February 2008 (“Analyst: Brokerage Outlook Improving“):

“Bove also upgraded Bear Stearns Cos (BSC) and Merrill Lynch & Co. (MER) to market perform and put a buy rating on Merrill Lynch.”

 And BSC rating was reiterated just few days before BSC collapse.

Karl  Denninger wrote an excellent post about this controversy: http://market-ticker.denninger.net/2008/03/dick-bove-bear-stearns-and-controversey.html. This is a must read.

Now, my question is: Is Dick Bove just lying and manipulating the market as analyst were doing that during 2000/2001 crash or he just made a bad call?

Either way, I think it might be appropriate for CNBC and MarketWatch to mention this “mistake” when quoting Dick’s prediction. Just people have some perspective.