Government Picks Winners

The government has chosen some of the banks that will succeed:

To kick off Tuesday's expected announcement, the government is set to buy preferred equity stakes in Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Corp. -- including the soon-to-be acquired Merrill Lynch -- Citigroup Inc., Wells Fargo & Co., Bank of New York Mellon and State Street Corp., according to people familiar with the matter. [Read]

For those who need clarification: this is socialism, not capitalism, and we have ceded more power to the government.

posted at 10:10:41 on 10/14/08 by clearpolitics - Category: Economics - [Permalink]

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