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Mr. President – I Want a New Financial Planner!!

February 6, 2009

According to an article in today’s Minneapolis Star Tribune:

  • The federal government overpaid by about $78 billion for stock and other troubled assets when it bailed out big banks last year as part of its Wall Street rescue program, and it lacks sufficient internal controls to police and protect taxpayers’ investment in the institutions, government watchdogs said Thursday. 

This isn’t a good start for the hope and change that was promised by the Obama administration. Put this way – if my financial planner caused me to lose a pile of money because of incompetence or ineptness, I suspect I’d be looking around for someone else to handle my investments. Perhaps we ought to hope for a change in the fiduciary responsibilities of the federal government before we lose more than just the proverbial shirts off our backs.

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