Hedge funds and banks to make money managing bailout
This is a news quote from Bloomberg.
Black Rock and Pacific Investment Management Co. submitted proposals to manage troubled mortgage- backed securities in the biggest portion of the U.S. Treasury's $700 billion financial-rescue program.
State Street, Bank of NY Mellon and Northern Trust Corp. bid to handle record-keeping and custody services for the Treasury. Northern Trust made a joint bid with NYSE Euronext, the owner of the New York Stock Exchange, the people said. The deadline for proposals was yesterday at 5 p.m. New York time.
It looks to me that some of the same companies that put us in this mess will now profit from it. Wow, thats a surprise!