24 October 2008

Another Bald Guy Gets Top Bailout Bailiwick

I did not come up with bon mot, rather it was John Carney at Clusterstock did. He was talking about James H. Lambright, former head of the Export-Import Bank, who has been tapped to serve as interim Chief Investment Officer for the Troubled Asset Relief Program (TARP).

Mr. Carney notes that we should be concerned, and not just because we have, "Bald midwestern ex-Wall Streeter running our banking system."

In his time at the Ex-Im Bank, it appears that his main accomplishment was to remove it from congressional scrutiny by making it self financing.

In English this means that Congress has no control, but is still liable for the bill if the Ex-Im bank sees losses.

And now they want him to be in charge of investments at TARP....Lovely.


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