Here's what Mish has to say about it after excerpting reports from Bloomberg, The Wall Street Journal and Zero Hedge:
This is what matters: It is crystal clear there were irregularities in attempting to keep this turkey of a bank alive, irregularities in who was allowed to bid, irregularities in selling the assets to failed management, and a suspicious single bid by a consortium of large US financial institutions, including Bank of AmericaCorp., Goldman Sachs Group Inc. and Morgan Stanley.
The FDIC's handling of Shore Bank smells as bad as a pile of dead alewives on a Chicago beach in mid-July.
