“Sounds good, but what happens to the money once it hits back in the Treasury? ‘
Goes into the general fund.
Watch though. Now that the Feds are proposing a more systematic way to deal with the illiquid synthetics and MBOs the AIG share holders will raise the bitching. I heard some last week. I bet the insurance properties of AIG will bring far in excess of $85B. Plus I bet the Treasury will be able to sell the 12% notes way over what they paid for them. What would you pay for a 12% Federally backed note? What does TIB give you on deposits? I appreciate the moral hazard of having the Feds own even for a short time AIG. But the transaction is one that Romney would have been delighted to do at Bain. And those guys are the masters of this kind of stuff.
Watching Paulson now...he was weak and ineffective with Wallace. Hope he is better at fixing this mess than he is in explaining it! (eye roll)
He failed to mention that Bush tried to fix this stuff in 2003 and McCain tried to fix it in 2005. If he didn’t want to appear partisan, he simply could have said the Administration had tried several times to bring this looming problem to the attention of Congress, but that the congress had blocked it. He could have said that some ‘members of Congress’ had tried in 2005 to pass legislation, but that it was also blocked.
Schumer up now to provide cover for the rats...(eye roll).
Bush Administration already provided mortgage relief for ‘home buyers’ a few months ago!! Why are the dems demanding more be done for the ‘home owners’ now?
Look on the bright side -- we now own the Manchester United Football (Soccer) team.
Sounds good Sunny let’s hope it all shakes out like that.
Somebody sent this little tidbit to me from Freedom.com:
When Nancy Pelosi was elected Speaker of the House of Representatives, she promised to stop legislators and their families from soliciting gifts, trips, and jobs from lobbyists and corporations. Obviously, it was nothing more than cynical campaign rhetoric. Newsmax.com has disclosed that in February, shortly after his mother became speaker, Paul Pelosi Jr., was hired by InfoUSA for $180,000 a year as its “Vice President for Strategic Planning.” Now, get this — unlike ALL the other InfoUSA employees, he does NOT report to work at the company’s headquarters in Omaha, Nebraska, or even a lobbying office on K Street in Washington; he’s keeping his full-time job as a mortgage loan officer for Countrywide Loans in California. InfoUSA is the same company cited by the New York Times for creating and selling marketing lists used by con artists to fleece vulnerable elderly people, including those with cancer and Alzheimer’s.
It’s the Corruption Stupid!
Pray for W, Palin and Our Troops