Bailout News : Meredith Whitney Says Taxpayer Bad Bank Won't Work

The Oracle speaks.  Star banking analyst, Meredith Whitney has finally broken her silence on the good bank/bad bank proposal that's currently being floated as the administration's response to the banking crisis.  She is the most important banking analyst on the Street and deservedly so.  It turns out that Ms. Whitney is none too amused with the idea of burdening taxpayers with this pile of toxicity, and she states bluntly that it will NOT work. Get her view in detail from 4 sources including the original Oppenheimer report pdf. after the jump.

There's also word this afternoon that New York AG Andrew Cuomo is looking into clawing back the $15 billion of your money that Merrill used for bonuses just last week.  There are 22 afternoon links after the jump.

Dealbreaker's Version Has the Link to the Oppenheimer Report

Carney at Clusterstock Has the Best Summary with excerpts

Financial Times Analyzes Her Report Here

Also a good summary here from reuters thru CNBC

Also see:

Obama speaks out against wall street bonuses ok. words are one thing. now show us some claw-backs.

Clusterstock Says at least $2 Trillion of your money for next phase of bank bailout  Clusterstock gets it wrong.  Total Cost to Taxpayers will be in excess of $4 trillion according to Roubini and others. And what do i find now?  A report saying the cost will be $4 trillion.

Bad Bank would cost taxpayers $4 Trillion   Sen. Chuck Schumer

Cuomo is Fighting to Get Back Your $15 billion that was Used for Bonuses.   YES!!!

Finally, Custerstock on All the Groups you haven't heard of that are getting your children's cash 

A few links never posted in any of my daily bailout news round-ups are listed below.  Some are a few days old but worth the look: 

Bankrupt Vallejo reaches deal with police union

Paulson was so bad at his job that Geithner's job is now easier   bloomberg

Niall Ferguson says cancel US Debt    vanity fair

2 California towns are bailing out local car dealers    wsj

pitching a fit over wall street greed

Say no to state budget bailouts

Nobel Winner Stiglitz says taxpayer getting a raw deal from the banks      times online

Repeat from yesterday:  a parody of 15 corporate logos   highly recommended  hat tip to eli again

Aig using more than $1 billion of your money to pay bonuses  bloomberg

Comments

[Ain't Bullshittn']

She is smart, witty, and sexy. Yeah COME ON!!!!!!

[jjc100]

So Whitney has come out against this, big deal. Do you really think that will stop this plan. They are going to cram this down our throats unless we fight them. And I don't see anyone fighting.

[Kana]

Meredith's hubby is a pro wrestler watch out. Seriously this was cool that she made her opinion knwon on this shit. IThe moe people inpower who speak out on this the better. It can't hurt. We need others to speak against this type of injustice.

[Clever guy from delaware]

This is great news for sure. Having Meredith on our side only helps. Plus she's smoking. Great comedy here all over. Stewart is super good.

[DailyBail]

@ everyone

thanks for stopping by the site. you are right this is an important story. she needs to grab the pulpit and run with this.

she has a chance to lead on this issue and become a taxpayer hero.

i doubt we hear another word from her until they've rammed it down our throats.

maybe she will surprise me.