TheMillerCircle.org

Stephen Hall stated that the $ billions of bonus money now being distributed within Wall Street firms was not generated by the work of genius, but in many cases resulted from “simple arbitrage” in which Wall Street firms got money from the government at very low interest rates and then invested in U.S. Treasury bills and turned a profit by the volume of that investment and the interest rate difference. Imagine what we could do with $ billions given to us from the government without much interest, which we then invest in treasury bills, getting back $ billions in profits, all from the same source and then demanding that the word genius be applied to our good works–God’s work really.  But would everyone agree that we were a financial genius or might some consider this to be one category of deviant behavior? A better question might be: how does that restore the economy of a country?

RFM