The Phaserl


The Same Old Scam

by Karl Denninger, Market-Ticker:

Gee, where have we seen this before?

“It’s very, very frustrating from the perspective that you don’t know how much more they know that they’re not telling you” – Standard & Poor’s Shannan Murphy about Millennium Health.

Millennium Health – biggest drug-testing lab in the US and biggest recipient of Medicare drug-testing payments, which account for one-third of its revenues – is Exhibit A of how a credit bubble allows companies and banks to put yield-desperate investors, blinded by a zero-interest-rate policy, through the wringer.

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