Submitted by Paul Revere, Dec 21, 2007 10:56

Never before in the history of central banking have we seen so much money handed out so liberally to so many institutions that have only themselves to blame for the problems they're facing.

These are the same chowder-head financial institutions whose origination, bundling, sales, and trading of sliced-and-diced home mortgages with lackluster due diligence and little regard for the ultimate performance of those loans helped fuel the housing bubble in the first place.

These are the same guys whose clients and investment managers took huge risks by purchasing opaque securities debt issued by so-called Special Investment Vehicles (SIVs), Collateralized Debt Obligations (CDOs), subprime Residential Mortgage Backed Securities (RMBS), and more.

They could have just as easily stuck with Treasuries, mind you. But they got greedy ... and now they're getting burned.

And these are the same companies that have been raking in tens of billions of dollars in profit for the past several years thanks to the global boom in easy credit.

Heck, it was just this summer that the former CEO of Citigroup, Chuck Prince, famously told And now, these VERY SAME FIRMS are going hat in hand to the central banks of the world. They're begging for the biggest low-cost money bailout in history. And they're getting it!

WHAT IS WRONG WITH THIS PICTURE?

Why are those who DIDN'T invest in questionable debt being penalized with tanking rates on their conservative investments? Why aren't the big banks being penalized instead of being given a HAND OUT?

Yet another reason this rotten administration has got to go.

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