Monday, September 22, 2008

The Bailout Bicycle

From The New York Times this morning:
But toxic mortgage-backed securities were pedaled by plenty of foreign banks. And the decision to pour $85 billion of U.S. taxpayers’ money into the rescue of American International Group (A.I.G.), the insurance giant, followed appeals from foreign finance ministers to Henry Paulson, the Treasury secretary, to save a global company. (See the whole column.)
We believe the word the author intended was peddled. But some of these financial products were innovative, so who knows? Perhaps they had wheels.

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