Paulson // Current

'Sachs of Gold' Bank Earns 3 Bil. by Legalized Theft

'Sachs of Gold' bank, Goldman Sachs was given 70 billion taxpayer dollars because of... more

resolute
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1 month ago
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One Congressman gets it. Did it make any News in the Media?

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1Eco_Media
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4 months ago
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Treasury Secretarys Secret: Banks were forced to Surrender Ownership Stakes to GOV

CNSNews.com) - Last October, then-Treasury Secretary Henry Paulson ordered nine banks... more

Ihatethemall
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6 months ago
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Whistleblower protections axed from stimulus bill by Republicans

So much for keeping the federal government from blowing millions in taxpayer money.... more

bansheewail
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9 months ago
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52 comments

Treasury Overpaid Wall Street $80 billion of TARP

In efforts to stabilize troubled banks, the Treasury Department overpaid those... more

bansheewail
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10 months ago
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14 comments

Was the "Credit Crunch" a Myth used to Sell a Trillion-Dollar Scam

Even as the media continue to repeat the claim that credit has frozen up, evidence has... more

geneonlbk
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11 months ago
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Bernanke, Paulson and Bair Testify - But Can We get a Witness?

Two months ago, in late September, I penned a piece titled Liars, and the Lying Lies... more

Paisano1
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11 months ago
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Citibank customers unable to access accounts

This can't be good... >> Customers of New York City-based Citibank have lost... more

ninthstate
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11 months ago
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US pumps another $800bn into failing markets

US authorities escalated their economic firefighting programme yesterday by pumping... more

bansheewail
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12 months ago
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2 comments

Paulson Details New Effort to Ease Credit Crunch

The government has introduced a pair of new programs that will provide $800 billion to... more

ebindelglass
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12 months ago
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Government Working to Ease Credit Crunch

The government is working on a new loan facility to help companies that issue credit... more

ebindelglass
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12 months ago
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Obama picks team to save sinking US economy

Barack Obama will today place himself at the centre of the global economic crisis by... more

bansheewail
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12 months ago
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Citi rescue lifts European stocks

Monday, lifted by the U.S. government's plan to rescue beleaguered financial giant... more

bansheewail
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12 months ago
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U.S. Government unveils $306 Billion plan to bailout Citigroup

WASHINGTON — Federal regulators late Sunday agreed to backstop about $306 billion of... more

bansheewail
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12 months ago
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Steve Forbes calls Paulson the "worst Treasury Secretary" in modern history

Forbes magazine President and CEO Steve Forbes called Treasury Secretary Henry Paulson... more

bansheewail
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12 months ago
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Paulson's $140 Billion Surprise

Danny Schechter: While world debated bailout, Treasury snuck bank merger tax break under congress' nose.

While everyone was debating the wisdom of giving $700B over to the US Treasury to divide amongst failing banks in late September, the Treasury Department silently changed the tax code and in doing so opened up an opportunity for banks to save billions when acquiring other banks. The Associated Press reports that, in some cases, banks will actually make money in the act of buying up their competitors. They point to Wells Fargo's effort to acquire Wachovia, a deal that will cost roughly $15B but that, under the new tax code, will save Wells Fargo $20B. Danny Schechter believes that this is a prelude to the type of activities that can be expected from an empowered Treasury Department. He also points out that this is in line with the effect that the bailout bill itself is having, with the bailout money being used to acquire competitors instead of financing the flow of credit.

Meanwhile, Danny says, the Democrats are claiming that the bailout process lacks transparency, after they promised during the bailout debate that they would ensure oversight while pushing the bill through congress. Danny also indicates that all levels of government are stalling on what to do about the quickly sinking auto industry, a problem being made worse by the power vacuum in the White House as there are still two months before Obama takes over as president. At the end of the interview, Danny relays the rumors that Obama is looking to past administrations to fill his empty slot at the recently empowered Treasury Secretary position, with former Clinton Treasury Secretaries Lawrence Summers and former Federal Reserve Chairman under Reagan and Carter, Paul Volcker, being on the reported shortlist of candidates.

Danny Schechter, "The News Dissector," is a former network TV producer, radio newscaster, and edits MediaChannel.org. He has written nine books on media themes. His latest, 'Plunder', was inspired by his latest film, In Debt We Trust: America Before The Bubble Bursts.Danny Schechter: While world debated bailout, Treasury snuck bank merger tax break... more