Bankrupt, trash companies rallied on Wallstreet. The worst of the worst, companies that redefine the word "crap", those companies will benefit the most from this gift/bailout plan.
A list of the most active stocks today.
These companies rallied because the broke US consumer will help these companies to survive.
Mind you, the ONLY official offer that was made by a private company (BNP Paribas) on Fortis was 1.6 euro per share + a guarantee that the government would incur 7 billion in losses on Fortis' paper.
Fortis has 2.5 billion shares outstanding, that means BNP Paribas offered -1.4 euro per share for Fortis...
And that's why all those companies are worth (MINUS)-X.XX euro/dollars, Bank of America, Citigroup, Wachovia, AIG, Washington Mutual, Bear Stearns, Lehman Brothers, Dexia, ...
But heck, why don't they spend our tax dollars on some PRIVATE institutions that are already bankrupt! It's better than throwing your money in a bottemless pit...
Monday, September 29, 2008
What companies will benefit from the pending bailout?
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