What did these Bozos think would happen, eventually, if they continuously sold long and borrowed short?
It is like the Northern Rock executives appearing before the House of Commons Treasury Committee yesterday. They were quite unable to see (or at least admit in public) that there might have been something wrong in the way they ran the bank.
They considered the recent run on the bank was all the fault of the Bank of England, for not extending 31 billion pounds of credit when asked so the bank could be sold, and of the BBC for pointing out what was going on. If taxpayers money bailed them out, without the general public knowing about it, then all would have been well.
