Namco Bailout Emminent?
After multi-billion dollar bailouts of Fannie Mae, Freddie Mac, AIG, among others, the US Treasury is contemplating an over five hundred billion dollar toward a company based outside the US. The Bush Administration is set to infuse 522.80 Billion dollars into video game developer Namco.
Namco's rise and fall is typical of other recent bailout firms. They started well, gobbling up a seemingly endless line of capital with all consequences seemingly ignoring them. A couple of huge capital packages and some fruitful investments later, they turned their momentum skyward. This is when the trouble started. Their confidence, bordering on arrogance, was increased exponentially when they evaded the "ghosts" of their past and continued to swallow capital whole, seemingly oblivious to the possibility of a crash. It all came down on Namco on October 10th when the consequences surrounded them, available capital was non-existent, and the Pac-Man purveyor found itself a part of the Nikkei largest single day point loss in twenty years.
At their meeting on October 11th, the finance ministers of the world's richest countries announced a coordinated effort to infuse troubled banks with capital to make up for losses in the housing market. The Bush Administration also announced plans to buy stock in foreign companies that do business in the US, and Namco is one of the first.
MSNBC analyst and host of Mad Money Jim Cramer said about this deal, "THE WORLD IS FALLING APART!!! PEOPLE ARE THROWING AROUND MONEY RECKLESSLY!!! NOBODY KNOWS ANYTHING ABOUT ANYTHING!!! GAHHHHHK!!!" Shortly after making these comments, Mr. Cramer was taken to the hospital after suffering a heart attack.
Disgraced former lawyer Jack Thompson said about this deal, "How can a good, wholesome leader like George W Bush sign off on infusing money into a Godless company like Namco. How can companies like this continue to exist in the face of- GAHHHHHK!!!" Shortly after making these comments, Mr. Thompson was taken to the mortuary after being shot in the face by an unidentified red-headed satirist. A recording of this heroic figure can be found here: Zap Attack! Episode 1
This deal is being strongly objected to by the Democratic Congress, which is why it's expected to go through easily. This is because while Nancy Pelosi has bigger balls than Harry Reid, they both are nothing compared to the set on Condoleezza Rice.