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It took a full month for many in Congress and the American public to realize that billions in bailout funds were not going to be used the way they thought.

Instead of purchasing failed mortgage assets, the Treasury Department used the taxpayer money to buy preferred shares of stock in select banks. It was not only weak banks in need of assistance, but also banks supposedly deemed to be "strong" by federal regulators; the idea apparently to help shore up the economy by ensuring strong banks take over weaker ones (although nobody from the Treasury Department has responded to our repeated requests for information).

Sources tell CBS News the bank strategy was not discussed in advance with important members of Congress who were "sold" on the bailout. Sources also say the strategy was not mentioned to top members who spoke directly with Treasury Secretary Paulson. But in the first weeks of the bailout, select banks become in-the-know quickly. Several of them have said it was "federal regulators" who approached them and urged them to apply for bailout money ... even before the public or Congress were aware this would be its use.

The banks themselves, which are not required under the bailout law or by Treasury to disclose the information, aren't saying much about how they got clued in so early on the strategy that was a surprise to so many others. But another indicator that giving the money to banks, some of them using it to buy other banks, was no sudden accident. It's significant to note that concurrent with the bailout, Secretary Paulson quietly made a change in archaic tax law. It was a change that stands to benefit some bailout banks that buy others.

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Originally posted by SignyM:
There is an oversight committee (now) which is requiring performance criteria and asset tracking, but unfortunately Paulson's and his protege (forgot his name) seem to have turned the baiout into a giveaway

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It took a full month for many in Congress and the American public to realize that billions in bailout funds were not going to be used the way they thought.

Instead of purchasing failed mortgage assets, the Treasury Department used the taxpayer money to buy preferred shares of stock in select banks. It was not only weak banks in need of assistance, but also banks supposedly deemed to be "strong" by federal regulators; the idea apparently to help shore up the economy by ensuring strong banks take over weaker ones (although nobody from the Treasury Department has responded to our repeated requests for information).

Sources tell CBS News the bank strategy was not discussed in advance with important members of Congress who were "sold" on the bailout. Sources also say the strategy was not mentioned to top members who spoke directly with Treasury Secretary Paulson. But in the first weeks of the bailout, select banks become in-the-know quickly. Several of them have said it was "federal regulators" who approached them and urged them to apply for bailout money ... even before the public or Congress were aware this would be its use.

The banks themselves, which are not required under the bailout law or by Treasury to disclose the information, aren't saying much about how they got clued in so early on the strategy that was a surprise to so many others. But another indicator that giving the money to banks, some of them using it to buy other banks, was no sudden accident. It's significant to note that concurrent with the bailout, Secretary Paulson quietly made a change in archaic tax law. It was a change that stands to benefit some bailout banks that buy others.

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www.cbsnews.com/blogs/2009/01/12/couricandco/entry4716830.shtml


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Let's party like its 1929.

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Originally posted by Riverlove:


Please, don't come whining at me about how horrible I am for calling you names, you drunken, death-loving cunt.

I hope you die in your own drunken vomit.
and BTW Fuck you.
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Let's party like its 1929

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It will require a quadrillion dollar bailout to put a dent in the Derivatives ponzi scam.

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