So where did all that money from the American bailout go?

Some time ago, a fairly neat example of effective congressional questioning, which is an amazing thing in itself, revealed that the proper inspectors of the federal reserve did not know where the bailout bill money for banks had gone. Trillions just went for a walk, apparently.

The government, which I suspect was getting friendly and foreign banks to buy dollars and bonds with money it had printed in return for keeping quiet about the level of debt toxicity in those banks, was not about to help.

Now, that nice Mr Bloomberg's telegraph operation is suing the federal reserve in an effort to find out. Just as the September/October bond issue, the next oil spike, the unemployment figures, and the new healthcare debate kick off, the 'Fed' may be forced to disclose where the cash went.

Right. Good luck with that.

I'm told Ulan Bator is quite nice at this time of year. It has four hotels with bathtubs, and everything.

UPDATE: Banshees and spirits seem to be gathering in the graveyard over the wreckage of Lehman Brothers. How many more banks are this toxic?

Well OK, in the 'sane' world, whats happening is that m'learned friends are behaving like carrion again over a bankster gibbet. Still, the story is funny at least, until you remember that arguments over $639 billion of assets will pay for cornflakes for the professional classes, but take place in the context of a world economy ruined by the greed and selfishness such banks embodied, and propagated through cultural solvents disguised as journalists, consultants and liberal individualists.

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