On May.19th, in a virtual Senate Hearing, sitting Treasury Secretary Steve Mnuchin revealed to the world a shocking secret: the government and the fed are expecting to take losses on all the artificially QE inflated securities that they purchased in this Coronavirus-Bailout!!
What a surprise!!
(FT) “If you think people were upset about bailing out banks where the CEOs were making $50m a year, how are they going to feel about bailing out private equity firms where the CEOs make $500m a year?” said another investor.”