So Much For Paulson The Wall Street Whiz

Stock intended to eventually earn taxpayers a profit as part of the Bush administration’s massive bank bailout has lost a third of its value — about $9 billion — in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government negotiated…If the government exercised all its warrants to purchase the stock today, it would lose money on 51 of its 53 agreements.

For those of you keeping score, that is a .038 batting average. It is one thing to lose money that you invested in the stock market. It is quite another when the federal government, led by former Goldman Sachs CEO Hank Paulson (a person that one would reasonably think would know a thing or two about investing), takes it from you and procedes to do the same thing. I hope we have all learned that these alleged geniuses on Wall Street, that made so much money for their clients during the boom days, are not geniuses at all but merely lucky and just happened to be in the right place at the right time.