All Hail King Henry (Paulson)!

By Chuck Butler

Yesterday, I talked about how Goldman and Morgan Stanley were now bank holding companies.

Last night on the drive home I was sitting in traffic, and I started thinking about these HUGE Bank Holding Companies. They’re probably raiding regional banks to accumulate deposits. They better be careful, because these regional banks (except EverBank of course) have a ton of toxic waste mortgage bonds on their books. Even if they sell that junk to King Henry's RTC-like institution, they will have to sell them at huge losses! And that won't make their balance sheets look very good!

Did you like that "King Henry?" Of course I'm talking about Henry Paulson, U.S. Treasury Secretary. He has acted like a "king" here lately, so I thought I should give him the right title.

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