From Mish's Blog:
"House Financial Services Committee Chairman Barney Frank said banks using cash from the $700 billion U.S. rescue plan for bonuses, acquisitions and other purposes unrelated to lending are in ``violation'' of the law.
"I am deeply disappointed that a number of financial institutions are distorting the legislation," Frank, a Massachusetts Democrat, said in a statement today. "Any use of these funds for any purpose other than lending -- for bonuses, for severance pay, for dividends, for acquisitions of other institutions, etc. -- is a violation of the terms of the act."
So your financial adviser completely loots your account.
Sorry, he says. But you better put more money in your account, or you'll be broke.
So you give him more money.
And he loots your account.
And he tells you to put more money in your account, or you'll be broke.
So you give him more money...............
And he loots your account, again.
Do I have to point out that he'll keep doing that until you say no?
4 days ago