This is fun. The folks over at the NASDAQ have created a new index, OMX Government Relief (^QGRI), to track firms that have been bailed out by the government. The index will track, with equal weight, companies of at least $1 billion market cap, that have come to Washington cap in hand. It’s mostly TARP companies, but not necessarily all. The index, which was set at 1,000 on Monday, is already down to 941.42.
Now in true style, someone needs to come up with a triple-leveraged short ETF to track this.
We also like this suggestion from Schaeffer research that the NASDAQ should’ve given the index a clever ticker, like FAIL.
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