Armed Robbery with a Loaded Fountain Pen
An article today in the front page of the Sacramento Bee’s business section quotes a director of a community development fund it works in low income neighborhoods on the subprime crisis: “I want to know how many people are going to jail.”
At the same time, Jeffrey Skilling, late of Enron, judging from what I read in the papers, seems to have a shot at getting out of jail.
I do not know much about the risk that JPMorgan Chase is taking on over and above the first billion dollars. But if the Bear Stearns bailout is not a gift to JPMorgan Chase, then it is certainly very charitable towards the people who let money to Bear Stearns. Were they widows and orphans?
Who is going to jail?