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And ghastly -- that he ripped it off.
President and I am seeking does that it's an engine of not data out judge we -- it found religion.
Well I -- I agree with them I think a lot of those of us who watch these things agree with a look if you if you buy an asset.
You buy it went with all of its value and with all of its drawbacks and one of those drug -- may be that the asset here Bear Stearns -- harmed some people before you bought -- see you assume the liability the Bear Stearns had.
That's place basic black letter law.
But that assumes that your acquisition and my hypothetical was voluntary -- whom do you -- do you remember the world about four years ago.
It is the fall of 2008.
The government has just spent billions bailing out AIG the government has given billions which was utterly wasted.
To General Motors and the government then.
Hank Paulson the secretary of the treasury and Ben Bernanke where basically telling these banks you have to do best to stay alive -- and they basically said JPMorgan Chase you have to buy Bear Stearns whether you want it or not.
So -- -- government which now.
Told Bear Stearns to a -- told JPMorgan Chase to -- -- Bear Stearns.
Is suing JPMorgan Chase.
Because of people -- lost money -- Bear Stearns was Bear Stearns shut out of this play out in court judge I mean I understand you buy something you take on everything that comes with it -- that's -- needed due diligence but in this case you haven't -- do you have -- -- -- -- -- -- myself.
I I confused governments.
The government that compelled the acquisition of Bear Stearns by JPMorgan Chase was the federal government right the suing party here is the State of New York.
They certainly knew what was going on -- all these decisions were cooked up either in DC or down on Wall Street or two blocks from here.
I think ultimately -- -- case like this is settled.
Where they transfer.
Of billions in cash to.
That treasury this state of -- York.
Not to the people whom the attorney general says were harmed -- right Bear Stearns did.
So this is again just -- among other governments scheme to transfer cash from A to B to say.
But -- we have to run but why now Barney Frank coming out this amazing because he's -- -- -- lawsuit was just filed about three weeks ago front and maybe he maybe he just became aware of why he's saying it now I don't know.
I give him kudos for is intellectual honesty.
Even somebody like Barney Frank the father of dives right yeah acknowledges that at times the government can go too far.
And this is one of -- happy announcements at these rates the judge -- -- happy to have you pleasure guys.
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