Seems Bernake, Paulson, and Geither were busy with secret bail out money that never made the light of day. Seems Goldman and three major Foreign Banks got a shit ton of more free money on the hush hush.

Wolfgang, let me translate this for you. That is your tax money as well, just like mine, and everyone else who is a wage slave paying into the current tax system. This isn't Bush's fault, this isn't Obama's fault, while the opportunity to crash the financial systems did come under their Presidency, it is the Federal Reserve, and only the Federal Reserve that is responsible for this fucking bailout fiasco.

Originally Posted By: Yahoo Finance

It's official. Through the persistence of Bloomberg's lawyers and the teeth of the Freedom Of Information Act we can now all add "Saint Omo" to our list of cool crisis acronyms that can impress (or scare away) people on the cocktail party circuit.

Saint Omo stands for the far less fun Short Term Open Market Operations, which was a lending entity dreamed up in the throws of the financial crisis, when Hank Paulson, Tim Geithner, and Ben Bernanke were secretly bailing out a fleet of sinking ships as fast as they possibly could, and in ways and amounts never seen before.

The latest revelation in this story is that Goldman Sachs (GS), enemy of the common man and vampire squid atop a cowering nation, imbibed itself on a $15 billion life line - the single biggest gulp of them all -- and of course, courtesy of Saint Omo, the Fed and therefore, us taxpayers.

Are you mad yet?

Depending on which version of this story you read, you are at least a little miffed but probably for different reasons. At least that's how it played out in our special joint session discussion, including our friend and Daily Ticker brother Aaron Task.

While the Goldman angle is certainly notable, for us it wasn't that important. At least compared to the fact that the entire process was done in secret and kept in secret like some sort of high level military operation. And also, while the Goldman loan was the largest, it was not the largest borrower in total. (In fact, Goldman's lump was smaller than the St. Omo borrowings of several foreign banks, including Deutsche Bank (DB), Credit Suisse (CS) and BNP Paribas (BNP.PA).

This is not a defense of Goldman Sachs any more than it is an indictment. If anything, our anger is more pointed towards the process than the players. While it is easy and maybe even justified to get angry about it, to me at least, it all just feels a little old and stale.

Don't make me have'ta Troll ya Bro!