From Mish Sedlock

I said I'd print only stuff I wrote but this is too good not to reprint:



Paulson Steals Show From the Grinch

Did I hear someone say “making a list, checking it twice?” Not Hank. He might as well have made the checks out to cash. Come to think of it he did.

The Associated Press tried to do what Paulson hasn’t, asking 21 banks how much they’ve spent and on what, how much is being held in reserve and what their plan is for the rest. The folks responsible for the mess, in possession of billions of our dollars, were too arrogant to say.

JPMorgan Chase & Co. said of its $25 billion haul: “We’ve lent some of it. We’ve not lent some of it,” AP reported. Now get lost.

Bank of New York Mellon Corp. spokesman Kevin Heine told AP, “We’re choosing not to disclose that.” Wendy Walker of Comerica Inc., after refusing to share any details, said, “We’re not sharing any other details. We’re just not at this time.”

What time would be better, Ms. Walker? Never. I bet never is good for you.

Financial superstars got used to talking this way when they were lionized as American royalty. Sprawling oceanfront estates the size of hotels, private 737s outfitted like palaces weren’t marks of wretched excess but totems of swashbuckling capitalist derring-do.

This happened even as almost no one knew what these geniuses were doing. They weren’t making anything like a railroad you could see. They were moving money from one place to another, keeping some for themselves as it changed hands.

Try to follow the trajectory of a mortgage on a house in Cleveland into a bundled credit default swap of collateralized debt. Few could, yet paydays of $30 million and bonuses of twice that were based on it. Therein lay its charm.

Thanks to an economic meltdown, we now know the decade’s financial superstars walked off with money they didn’t earn in a scheme more sophisticated but no less damnable than a punk in a ski mask holding up a convenience store.

You would think heads would roll, some into jail. I’m not just talking about Bernard Madoff. I’m talking about the titans of commerce.

They still walk the streets, when in truth schemes should be named after them. Ponzi just doesn’t do justice to what they pulled off.

But why isn’t anyone screaming about giving these miscreants more money? Who’s in charge here? Surely, there is someone left with a conscience, and a pulse, in the White House, someone in Congress who can call a hearing and rough up these bankers at least as much as they did the auto industry.

Fortunately, I’ve found something even a Grinch can be jolly about: Reverend Warren’s stricture against gays in his church was removed from his Web site this week. And for 2009, the number of applicants to Teach for America jumped to 25,000 from 18,000 for 3,700 chances to serve in the poorest schools.

The best and the brightest want to do good instead of doing well. I’ll raise a glass to that.