Bail me out!
As the complex and twisted debate (see this, this and this, for a sample) on whether to bail out large companies in general, and General Motors in particular rages on, here is something amusing.
Before you throw this letter into the proverbial round file, let’s be clear: this is the first time I have ever asked for a bailout from the Federal Reserve. I know what you’re thinking. Why do I deserve your largesse, and I do mean largesse, since I’m asking for five million big ones? The answer is simple. Like many of our nation’s financial institutions, I am simply too big to fail. If investors were allowed to witness the collapse of Freddie, Fannie, and then Andy, I can’t begin to describe what havoc it would wreak on their already frayed nerves. Actually, I can describe it: global financial calamity. I think we can both agree that, to dodge this bullet, ten million dollars is a small price to pay. (I know that I originally asked for five, but since I started writing this letter my financial situation has deteriorated in grave and unexpected ways.)