Man with a Plan

– from Art Info, December 2008 –

Think U.S. Treasury Secretary Hank Paulson was the first with an economic bailout plan this year?

Not by a long shot.

Way back in April, the corporate raider turned New York art dealer, Asher Edelman, announced his own recovery package to the world. In “A Real Rescue Plan”, e-mailed to 2,000 recipients, including gallerists and art journalists as well as politicians and economists, Edelman stressed the need for the government to purchase recklessly issued debt at fair-market value and adjust interest rates to reasonable levels.

In October, after the government’s plans was passed, Edelman sent around another, more strongly worded electronic missive stating his belief that the cost of the credit crisis will be “closer to $5 trillion. NOT $700 BILLION!”

In other words, even Damien Hirst’s 2008 net profits could not plug the hole.

To download the original page in the December issue of Art Info as pdf, please click here.


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