STEP 1: Form a bank.
STEP 2: Round up a bunch of unemployed friends to be "bankers."
STEP 3: Raise $1 billion of equity. (This is the only tricky step. And it's not that tricky. See below.*)
STEP 4: Borrow $9 billion from the Fed at an annual cost of 0.25%.
STEP 5: Buy $10 billion of 30-year Treasuries paying 4.45%
STEP 6: Sit back and watch the cash flow in
Corrupt wheeling and dealing
How come the banks are making money and paying out huge bonuses? Because we the taxpayers are being swindled thanks to a corrupt Obama administration. Henry Blodget explains how you too can make $400 million dollars a year risk-free (to yourself: the taxpayer carries all the risk):
at Friday, December 11, 2009