View Full Version : Bad Shamus has a Good Idea

09-14-2008, 06:46 AM
I'm getting some ideas from these financial rescues:
Lehman Bros:

"Or, a financial company or companies could buy Lehman's "good" assets. Its shunned or devalued real-estate assets could be placed in a "bad bank""

A portfolio of credit default swaps AIG wrote to guarantee securities linked to subprime mortgages has triggered cumulative losses of $18 billion over the past 3 quarters.
Amid those losses, Willumstad has vowed to undertake a grounds-up review that could lead to asset sales, walling off its credit default swaps into a separate entity, and cost-cutting measures, such as job cuts.

I'm gonna wall my mortgage off attached to a character called Bad Shamus.
Good Shamus gets to keep the assets.
Yep, I'm gonna do her.

09-14-2008, 07:06 AM
I can see a trend developing .

Tom Hunter
09-14-2008, 08:07 AM
The only problem with the idea is that the good Shamus assets are being sold off for pennies on the dollar, and the bad Shamus assets will go for even less, leaving nothing for Shamus.

The Bigfella
09-14-2008, 08:40 AM
Nah - we worked out a solution over on the Oz Politics thread a while back. In this country of 21 million, we have 700,000 religions and charitable foundations - none of which pay tax. Now a religion called Bad Shamus - yeah, that could work.

09-14-2008, 03:18 PM
leaving nothing for Shamus.

Actually Shamus is kind of used to that situation..

09-14-2008, 07:09 PM
Ah, Shamus…you are a genius! Remember your bilge mates when you become wealthy.
There’s a grand historical president for your plan--the 1979 bailout of Chrysler--government loan guarantees that modestly “…totaled considerably less than one billion…”
Lee Iacocca would be proud of you, and Tom Paxton may one day write a song for you too as he did for Chrysler:

I'm Changing My Name to Chrysler
by Tom Paxton

I am changing my name to Chrysler
I am going down to Washington D.C.
I will tell some power broker
What they did for Iacocca
Will be perfectly acceptable to me
I am changing my name to Chrysler
I am headed for that great receiving line
So when they hand a million grand out
I'll be standing with my hand out
Yes sire I'll get mine.