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In what could set an important precedent, federal officials assured a big Japanese bank late Sunday that its planned investment in the embattled Wall Street giant Morgan Stanley would be protected, according to people involved in the talks.
After two days of tense negotiations, Treasury officials urged a hesitant Mitsubishi UFJ Financial Group to proceed with its $9 billion investment in Morgan Stanley, which has sought the capital infusion to reassure investors and customers about its stability.
Bankers’ summit at the Treasury | 11:40 a.m. Eastern American banks may be closed today to observe Columbus Day, but it’s evidently no day off for the top executives of the nation’s biggest financial institutions. They’ve been called to meet with Secretary Henry M. Paulson and his staff at the Treasury Department at 3 p.m. Eastern time, The Wall Street Journal is reporting, citing “people familiar with the matter.” The list of invitees includes Ken Lewis of Bank of America, Jamie Dimon of J.P. Morgan Chase, Lloyd Blankfein of Goldman Sachs Group; John Mack of Morgan Stanley and Vikram Pandit of Citigroup, the paper says. Specific agenda not reported so far, but something tells us Topic A won’t be comparing golf scores.
So far I have not yet read ONE article that asks the most obvious question of them all, "Where will all this money come from?"
That's it. That's the $64,000,000,000,000 question.
"Where will all this money come from?"
It's a pretty obvious question.
So how come nobody is asking it?
Because the answer is the same as it was during the French South Sea Bubble in 1720 - it will be printed up by central banks.
Which raises the uncomfortable follow-up question, "So why is it that we are expecting a different or better outcome this time?"
It is a serious question, and it deserves a serious answer. But it's hard to get an answer to a question that practically nobody is asking....