Whether it is just a footnote, or a testament to the insanity surrounding this financial crisis that we are going through, Larry Flynt of Hustler Magazine fame and other members of the Porn industry have petitioned the Federal Government to be included in the TARP bailout to the tune of five billion dollars.
Their reasoning is that if the Federal government is going to bail out the Banking industry, then the Porn industry which people turn to in tough times is equally entitled to be bailed out of their economic problems.
The TARP prevented a run on the banks. Beyond that it is difficult to say what positive results it has provided. The banks are in dire straits. The housing and auto industries are deteriorating. Unemployment is rising and the overall economy is in the grips of a worsening recession with the outlook for a return of inflation down the road.
But business as usual seems to be the order of the day on Wall Street. Merrill Lynch paid out compensation in 2008 just 6% lower than it did in 2006, although it lost approximately $30 billion for the year and over 79% of its stock value.
In less than a year running Merrill Lynch, John Thain negotiated the sale of the company to Bank of America and paid himself $83 Million* for his trouble.
On this, his day of departure from Bank of America, it is revealed to us that Mr.Thain had his office at Merrill Lynch redecorated for $1.22 million** at shareholders expense, although a little dip into the TARP money will surely cover that.
Now this brings us to the Treasury Secretary Nominee, Tim Geithner. He has admitted to cheating on his income taxes but said, such an oversight ($38,000) was purely accidental. Anyone familiar with the details knows this isn't the case. By the way, Mr.Geithner would be in charge of the IRS upon his confirmation as Secretary of the Treasury.
It appears this won't derail his confirmation because the Country needs him and at this late date it really wouldn't do to look for someone else. Although other nominees for Cabinet positions have withdrawn their names for less.
Well, if this seems just a bit too surreal for you then welcome to the club.