I'm reading the papers this weekend and everywhere I look, this administration continues to vilify business and Wall Street.
From AIG bonuses, 'unscrupulous' residential lending, to even the same old worn out drum-beat about evil Wal-Mart destroying America, all I read and hear is anti business, and anti capitalism.
So imagine my surprise when this morning I crack open the WSJ and there is Timmy Geithner saying: "Our judgment is that the best way to get through this is if we can work with the markets." "We don't want the government to assume all the risk. We want the private sector to work with us." OH REALLY! You are asking investors to partner-up with you?
Why in God's name would investors such as hedge funds and private-equity firms purchase shares in a company that is now a subsidiary of the Federal Government? Why would they want to participate in a 'troubled asset' program that is run by the government? A government that will change the rules mid-stream, as is happening with Congress's moves to cap Wall Street bonuses for firms receiving financial aid?
Needless to say, I don't manage a hedge fund, but if I did, there is no way I'd risk any capital with this bunch.
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