The success of Timothy Geithner’s bank rescue hinges in large part on one thing: coaxing so-called “vulture investors” to swoop in and buy a lot of the toxic assets that are sinking the banks’ balance sheets, with the expectation that they will raise in value and the vultures will make a shit-ton of money. But of the financiers who have the liquidity to do such a thing, some of them aren’t actually that enthusiastic about the plan. Partly because they, like everyone else, have become a little bit more wary of buying garbage. But also because they are sick and tired of being viewed as The Bad Guys. “We can’t really win,” says one. “When we made money, people criticized us. This year, we lose money and people are criticizing us.” Ha, what? We love this. It’s like the Grim Reaper saying that he doesn’t understand why people are afraid of him. Dudes, you’re called vultures. The carrion-eating, fly-encrusted winged creatures of death! Just be yourself. Own it. The people will love you for it this time, we promise. (Oh and P.S.: Making America beg for your help is not the best strategy for looking like a Good Guy.)
Washington Hopes ‘Vulture’ Investors Will Buy Bad Assets [NYT]
