Posts Tagged 'Mortgage Crisis'

Rejected Bail Out

Subtitle: “Is it any wonder you are too cool to fool?” – David Bowie, Fame

The architect/author of the bail out bill was George W. Bush appointee Henry (Hank) Paulson.  An ex-Goldman Sachs chief executive, whose comp package in 2005 was $37Mil, and was (projected) $16.4Mil in 2006, before being named United States Secretary of the Treasury on June 3, 2006.  His estimated net worth is north of $700Mil(US).

With this little bit of wording, in the initial version:

Sec. 8. Review.

“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

. . . is there any wonder why anyone responsible would be hesitant to approve anything submitted by this man?  A guy FROM Wall Street wants to give $700Bil (of our tax $s) TO  Wall Street, and he has the stones to insert such a Rovian/Bush escape clause???  From this point on the guy’s credibility (like his boss’) was shot.

Bush Job Approval           Survey Date          Apprv%      Disapprv%    Unsure%  

USA Today/Gallup 9/26-27/08 27 69 4 -42

Even IF the version that came up for vote today had all the necessary provisions for protecting the tax payers – and we’re hearing there were still substantial loopholes – there was always going to be a George Bush/Hank Paulson stink to this thing.  They could very easily remove half of this stink if Paulson RESIGNS (Are we to believe that – for the past two years – Hank didn’t know what was going on at: Bear Stearns, Lehman Bros, Merrill Lynch, Washington Mutual, Wachovia Bank, etc.?) and they get someone who doesn’t smell like a fox, working on the inside of the hen house.

YUR


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