Mercury Rising 鳯女

Politics, life, and other things that matter

Keeping up with cynicism

Posted by Charles II on July 25, 2010

“No matter how cynical you get, it’s impossible to keep up.” –Lily Tomlin (via Molly Ivins)

Henny Sender of the Financial Times reports that in the FinReg bill passed by the Congress last week, there is a loophole which will permit the vulture capitalist group Apollo Management (which almost crashed and burned in the mortgage meltdown) to create a bank, to be called Ares (presumably as god of the Class War) operating in throughout the country without a national charter. Who will run it? Why, fine, upstanding people from Countrywide. I think Angelo Mozillo may be otherwise engaged, however.

Ares is the name that Apollo used for its collateralized debt obligations operations, which bundled debt into instruments so complex that no one could understand them. You can read more about Apollo’s sterling reputation here.

I wonder how much that loophole cost them, and who they paid off.

No I don’t.

3 Responses to “Keeping up with cynicism”

  1. Charles — bad link in second to last sentence!

    • Charles II said

      Thanks. I repaired it, but am not sure that it will be allowed to stand. If it goes bad again, it’s to OpenSecrets.org; search on Donor Lookup using Apollo Management as the the company; discover: Democrats.

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