BB&T Corp. Chairman Takes Issue With Bailout Plan

Dow Jones via CNN ^ | 2008-09-25 | Matthias Rieker

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NEW YORK -(Dow Jones)- BB&T Corp. (BBT) Chairman and Chief Executive John A. Allison voiced strong reservations about the government's plan to help the mortgage market.

In a letter to Congress dated Tuesday, Allison didn't oppose government action outright. But he suggested changes to Treasury Secretary Henry M. Paulson Jr.'s proposal to inject $700 billion in fusion to liquefy mortgage assets.

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"It is completely unclear why the government needs or should bail out insurance companies, investment banks, hedge funds and foreign companies," Allison wrote in his letter. "The primary beneficiaries of the proposed rescue are Goldman Sachs (GS) and Morgan Stanley (MS)."

Ouch!

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>> “The primary beneficiaries of the proposed rescue are Goldman Sachs (GS) and Morgan Stanley (MS).”

I’m SURE that Paulson’s previous lifetime at Goldman Sachs, and the bailout benefit going primarily to GS, is a mere coincidence.

After all, the guy has been nothing if not above-board in all his dealings with We The People regarding the economy. He has never, for example, falsely claimed that everything was well, when it in fact was not.

His credibility and reputation are sterling. Untarnished sterling.