Posted on 02/05/2009 10:59:57 PM PST by Tempest
The investigators concluded that the Treasury under the federal bailout had invested $254 billion into companies but the preferred stock it got in return had a market value at the time of only $176 billion, or 69 percent of what the government paid, according to a congressional oversight panel report scheduled to be released today.
Elizabeth Warren, the chairwoman of the panel, said former Treasury secretary Henry M. Paulson Jr. had promised that the government would buy the assets at their market value and that it was alarming that he didn't do so. "At various points, Treasury has articulated policy objectives which could result in a program involved paying substantially more for investments than they appear to have been worth at the time of the transaction," she said in written testimony submitted to the Senate Banking Committee yesterday. "The American people want to know what's going on and they deserve answers.
(Excerpt) Read more at washingtonpost.com ...
All the politicians involved in this bailout are absolute failures.
Bush, Obama, McCain, Pelosi, Dodd, all of them, each and every politician that voted in favor of the bailout. they should all get thrown out off office and have their fat pensions cancelled.
It’s time. Investigate! Find the guilty and prosecute them to the full extent of the law. Public Humiliation for all of the government employees who have broken their vows and the American trust! The budget will be balanced once these leaks are plugged.
Really? We taxpayers got our pockets picked by a former Goldman Sachs employee?
I’m shocked, shocked I tell you!
Everyone who comes out of Goldman or who is currently working for Goldman is just like Paulson. They’re constantly looking for a way to fleece the investing public, taxpayers and the United States. It doesn’t matter whether we’re talking about Paulson, Corzine, Cramer, whomever. They’re all crooked front-runners and thimbleriggers.
What you sound like socialist! How dare you try to tell these thieves how much money they can or can’t steal rom taxpayers!
Ping.
And, They told us we’d make a profit from the bailout.
According to research produced by MAPLight.org, House members who voted yes on the proposed bailout package received 54 percent more money from banks and securities than members who voted no.
http://www.maplight.org/node/43109
That was an interesting link you posted. Thanks!
Check out how much money Goldman-Sachs and its employees gave to the Obama presidential campaign.
It will shock you. Go to “OpenSecrets.org (Center for Responsive Politics)
what you will find there, esp. when you keep opening up Donors lists, will shock you.
Goldman-Sachs gave “$955,223”.
JP Morgan Chase & Co - $642,958
and on, and on
And who got bailout money? Gee, I don’t know? Do you?
Really? You mean that buying a bank over the weekend can result in a miscalculation of value? I never wooda guessed that! When banks buy each other it takes months, but since the government goons are so much smarter than everyone else, I assumed they could do it in a few days.
Lesse - the banks, through federally-suggested bad loans, found themselves having lended more money than they had, for assets that became less than their total assets.
Why else would they need a bailout in the first place?
This story has Captain Obvious written all over it...
Sounds like damn good ROI to me.
So, what’s the problem? Just ask for the money back./s
Paulson is a Democrat....what did you expect?
Someone got a nice commission there.
Caveat emptor.
why did bush trust these people?
Yeah, not likely!
Naaaah, ya think!
I expected the Republican President and congress to put him in his place?
I expected the Republican President and congress to put him in his place?
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