So What Happened Here?

Kirk Kerkorian, a holocaust survivor, could see the real estate market, and the economy, have seen their hay day, so he sold out. Now comes Phil Ruffin, another holocaust survivor, and he gives Kerkorian $775 million. But is Ruffin really that stupid?

The simple answer is where did the $775 million come from? Ruffin went to the First National, to his old pal Jake Colonstein. So who will be stuck holding the bag? In the end it is the American taxpayer, who has to bail out the banks.