“Mikey’ll eat it. He’ll eat anything!” (From a 1980’s breakfast cereal commercial.) “Do we have some stuff on the books that will be tough to get rid of? Yes. Am I worried about it? No. The Fed’ll buy it. They’ll buy anything!” proclaimed Richard Fuld, Lehman Brothers C.E.O., summer 2007.
“The worst is behind us,” he added in April 2008, after the Fed came through with their implicit guarantee to buy up all the worthless crap that nobody else wants.