The first celebrity I ever saw was Mary Martin, before she starred in South Pacific. Standing on a bunting-bedecked platform in New Canaan, Connecticut, she urged the gathered crowd to buy War Bonds.Will Kelli O’Hara soon be coaxing us to buy Bailout Bonds?
Turns out BNY Mellon's Ronald O'Hanley wasn't just running an idea up the flag pole.
The New York Times reports that BNY Mellon, BlackRock, Pimco and Legg Mason seriously contemplate selling "bailout funds" to the mass affluent:
Good idea? Or is the investment industry headed for another Madoff Moment?The idea is that these investments, akin to mutual funds that buy stocks and bonds, would give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars. But there is another, deeply political motivation as well: to quiet accusations that all of these giant bailouts will benefit only Wall Street plutocrats.
The potential risks— politically for the administration, and financially for would-be investors — are considerable.
Posts
No comments:
Post a Comment