In perhaps the ultimate sign that the reckless behavior of  Wall Street is exacting an “historic” toll, the Borough of Manhattan, originally purchased by the Dutch from the Indians 400 years ago, was today sold back to the same Native-American tribe.

Most shockingly, the price was also the same — $24 — although given the strength of the Indian bargaining position, they did not have to pay cash, but only toxic stockpiles of  “corn derivatives,” also known as ethanol.

Perhaps fittingly, while the seller in such transactions typically springs for the celebratory lunch, in this case, the contracting parties went ”Dutch treat.”

Although the tribe indicated that the entire island of Manhattan would be turned into one giant gambling casino, most financial experts agreed that this represented an improvement in “risk management” over the business practices of the last ten years. 

Disgraced AIG executives lost no time in shifting their focus, immediately seeking hiring bonuses from the new Native-American owners of Manhattan. One former AIG trader even claimed that he had a brand new idea for “poker chip default swaps,” to insure that there would never be any losses resulting from sub-prime gamblers.

On CNBC, Jim Cramer commented that he was “sitting bullish” about the deal, and that in addition to the gaming industry,  he was optimistic that this deal would even be able to resuscitate “Running Bear Stearns.”

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BLOGWORTHIES:

P.M. Carpenter at BuzzFlash on the Deficit Bogeyman under your bed.

Norm Jenson with The Sunday Funnies and Bill Maher’s New Rules.

Pick your poison, between Congress and AIG, at All Hat No Cattle.

Madkane’s Fume About Hume.