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Friday Afternoon Update : Bernie's Memory

Sometimes I remember things, sometimes I don't..

But, this is what I do remember: I was opposed to repealing the Glass-Steagall Act. I told everyone that at the time. Ask Mary Shapiro. Ask Arthur Levitt. They'll remember. But the smart guys had more juice. Citi, Lehman, Merrill, Bear, Goldman--you know--the people that are smelling like roses today...

I remember something else. For the past few weeks I've been shouting about how nuts Congress was for buying the line from Hank Paulson about "we need emergency bailout money for the banks..."

The TARP money has obviously become FART money...A bunch of gas that's simply disappeared into thin air... and the bank stocks are evaporating and worth bupkus . Did anyone see what happened to Barclay''s today? Must be the Lehman burger they ate a few months ago..

But now, its taxpayers like me and you that are watching our money disappear into a black hole. Well, maybe not mine. And certainly not Ruth's. We saw this coming a long time ago.
But let's not talk about the $10 billion or so in paper profits that people had with me. Let's talk about the $750 Billion in real money that Paulson bamboozled out of every taxpayer's pocket!

Hey, Hank, how about we give AIG another $40 bil--maybe they can pay for a party in Hawaii?? F--k, at this rate, my trading desk will be worth more than what BofA paid for Merrill Lynch!!

So, what do I recommend for personal investing? Diamonds. And some gold maybe. Speak to that guy Stafford.. a link to him is on the right of this page.

As far as getting BMIS investors back their principal, if the f--king SEC lets me do what I know how to do, I'd take the $850 million that's still in our accounts.. (That's right we do have $850 million in cash in the bank.. Why does the media keep forgetting to mention that????)
Anyway, we'd put that money into 1000 different community banks throughout the country. By buying CD's that yield 4%... That would stimulate local businesses..and make it easier for people to borrow responsibly. Of course it would.

Sounds better than what BofA and Citi are doing- they're taking their TARP money and farting with it!

Do you think I'm crazy?? Good! Get hold of Ira, he's passing around a dopamine petition..

Full post as published by Bernard Madoff on January 16, 2009 (boomark / email).