September 19, 2008

TPM has the stats.

Seriously, it must take some cojones to stand up in front of the cameras and tell the world that the imminent collapse of the capitalist model has nothing to do with you. Either that or complete self-delusion.

Consider where we stand today, folks. Morgan Stanley, one of only two remaining Wall Street banking giants, is now begging the Chinese government to bail them out.
"The number two US investment bank, whose shares are down about 58 per cent this month, has also approached Chinese sovereign wealth fund China Investment Corp about boosting its stake, the source said, following a $US5 billion investment late last year. "
From Wikipedia:
The management and board of the China Investment Corporation ultimately reports to the State Council of the People's Republic of China. The China Investment Corporation is seen as being "firmly entrenched" in the political establishment as the composition of its Board of Directors implies "considerable influence on the part of China’s Ministry of Finance."
Heckuva job, George.

UPDATE: Headline of the year?

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