Community | October 15, 2008 | 3 comments

Henry Paulson is a crooked idiot who dropped the ball and squandered the bailout cash

source: http://suicidegirls.com/news/politics/23361/

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MandyMonroe
It seems like just three weeks ago that Paulson told us the world was going to end unless we did exactly what he wanted. Way back in late September, Paulson rejected an equity injection plan, which was basically a plan to partially nationalize banks. Many, many economists believed it was the best way to loosen up the credit market. But Hank no likey. Why?

Well, he's part of the Bush Administration, so you can be certain he will do the wrong thing first. In this case, everything private is awesome and anything public is bad. The market knows what is best and they will sort itself out, blah, blah, blah...Can we have 700 billion dollars? The private enterprise is God slogan is what got us into the mess in the first place, but they wanted to keep on keeping on, which didn't allow for many bailout options.

And of course, if we are talking about the Bush Administration, cronyism and protecting your pals comes first. The Paulson bailout was no different. Paulson began working for a little outfit called Goldman Sachs in 1974. In 1982 he became a partner, followed by Chief Operating Officer in 1994 and finally, CEO in 1998. In 2006, he became Secretary of the Treasury. Since the beginning of this crisis he has done everything possible to make sure his old company, Goldman Sachs, was protected and even made some dough.

First up, he allowed one of Goldman Sachs main competitors to fail. Lehman Brothers was allowed to collapse, because, well, the market has to correct itself and, uh, um, it just was. Deal with it. One week later, the government, in exchange for equity, saved AIG. Please don't pay attention to the fact that AIG owed Goldman Sachs around $20 billion. And ignore the fact that a Goldman Sachs man was in the room when the AIG bailout was being negotiated.

Click on link above for the full sad and sorry tale of this treasury rape and the pillage of our tax dollars.
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3 comments // Henry Paulson is a crooked idiot who dropped the ball and squandered the bailout cash

  • privateibber
    • 0
      privateibber  

    • The biggest bank robbery in history. Jesse James, John Dillinger, Bonnie and Clyde, Ma Barker, Pretty Boy Floyd, and every gangster, fictional or real has no up on this bunch. And not a shot was fired. Shame, shame, shame.
      I believe that these other "firms" changed status. It's easy to do when a bull stampede is leaving the NY Financial District tripping on the bear crap. Maybe the hedge fund managers became commercial banks.
      Citibank and JPMorgan Chase need that money to loan out at 32 % vig. Lord love 'em. Country first.

    • 3 years ago
  • TerryA
    • 0
      TerryA  
    • Image

    • This gives a little of what I was mentioning. This story is appalling. Paulson just screwed us into the ground on this one.

    • 3 years ago
  • TerryA
    • 0
      TerryA  

    • This morning on CNN for about 3 1/2 seconds, it gave a list of the "Banks" that received the first 250 Billion. They have removed it since. It showed that only 3 recipients were actually banks, the rest were investment firms. I may be off by one bank, if so forgive me, they showed the list at an angle so it was virtually impossible to read, and of course left it on for too short a time to write down.

      Goldman Sachs, Bank of America, CitiBank, JP Morgan Chase, were the few that I remember.

      It might be interesting to see if it is available through an underground source, I cant find it even on the Wall Street Journal.

      I have a problem understanding why the group above would need this money.

    • 3 years ago
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