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I don't believe this recent bailout play was very well thought out.  They disallowed market makers in the options market to hedge, and now they are considering changing their mind. A non-existent company (it was bought out months ago) was included on the list of 799 stocks. They are now being begged by non-financials for inclusion on the list (ex. GE).

Even the American Banker Association takes issue with the plan, and it was supposed to save the banks, or was that just the invesment Banks. See the Letter to Paulson.