Greenspan Questions Huge Bail-Out Fund (C)(JPM)(BAC)

Banking, finance, and taxes

Published: October 20, 2007 5:07 pm

According to the FT, former Fed chief Alan Greenspan says that the $75 billion plus fund to buy the assets of troubled investment vehicles is a bad idea. The leaders in the push for the idea are Citigroup (C), Bank of American (BAC), and JP Morgan (JPM)

He is quoted in the newspaper as saying: "What creates strong markets is a belief in the investment community that everybody has been scared out of the market, pressed prices too low and there are wildly attractive bargaining prices out there.” He added: “if you intervene in the system, the vultures stay away. The vultures are sometimes very useful.”

Warren Buffett and Bill Gross of Pimco has made similar comments

Douglas A. McIntyre

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