In the clip below, CNBC’s Dylan Ratigan, host of ‘Fast Money’ and ‘Closing Bell,’ explains why Citigroup’s potential deal with Morgan shows just how bad things are. Sandy Weil and the boys are taking the ride of their lives.

Anything less than outrage over this idiocy and flat-out theft is heartbreaking. On Friday, Bank of America got a $15 billion dollar surprise from it’s latest purchase, Merrill Lynch, that let us peek under the TARP that’s been covering up toxic assets. Today’s Telegraph UK says “The Rescue Has Failed, It’s Time To Fess Up”. Folks, I hate to tell you, but this is just the beginning. Banks, mutual funds, hedge funds and anyone else who played the derivatives/CDO game often don’t even own what they THINK they own, as some of the underlying paper has been illegally sold into multiple CDOs. Problem is, the virus has infected virtuallly every financial institution in the world…even if they didn’t play the CDO game. (Most of them did.) Meanwhile, Bear Stearns has left the building, and I believe my pitchfork needs a good sharpening.

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