Bail Out Sucks

Generali

http://news.bbc.co.uk/2/hi/business/7874434.stm

US Government in 'Rubbish' Shocker:

The Congressional Oversight Panel says the government overpaid for distressed financial assets and shares last year.
It says the US Treasury paid $78bn (£53bn) more than it should when buying stakes in banks through the $700bn Troubled Assets Relief Program (Tarp).

What do you think will be the result of the UK Govt investment in UK banks?

purch

US Treasury paid $78bn (£53bn) more than it should

Was that Paulsen's commission ?? :eek:

Really2

Generali wrote: »

http://news.bbc.co.uk/2/hi/business/7874434.stm

US Government in 'Rubbish' Shocker:



What do you think will be the result of the UK Govt investment in UK banks?

I read that our banks had $98bn off assets they could use to claim out of the American package.
Hope it was our banks:)

purch

What do you think will be the result of the UK Govt investment in UK banks?

To be any less than 10% wrong would be a 'result' for our Government !!!!!

carolt

Difference between us and the US - our govt WILL NEVER ADMIT how badly they got it wrong.

To be fair, it's politically acceptable in the US only because they've had a change of govt.

The same here might uncover quite a few skeletons too.

WTF?_2

They needed the extra money on top for the bonuses and perks of course....

Learjet loan to former CEO by Citi, to go on family holiday to Mexico:

http://www.guardian.co.uk/business/2009/feb/02/citigroup-chief-excutive-salaries-jet

$1.2million for new office for Bank of America CEO:

http://www.msnbc.msn.com/id/28793175/

Tens of billions of bonuses for Merill, Citi and Goldman:

http://www.vanityfair.com/politics/features/2009/03/wall-street-bonuses200903


Oink!

bubblesmoney

purch wrote: »

Was that Paulsen's commission ?? :eek:

you or the courts cant find out because he made sure the emergency legislation was worded nicely so that there can be no congressional or court oversight of any decision he makes with CRAP sorry meant TARP.

ps: goldman sachs is a big beneficiary of TARP. he is an ex goldman sachs employee, another chap who is running the TARP is also an ex goldman sachs employee. wonder why they rushed through TARP (without court oversight) was it to hide any fraudulent activity, was there any quid pro quo. will we ever know. only time will tell.

bubblesmoney

bubblesmoney wrote: »

you or the courts cant find out because he made sure the emergency legislation was worded nicely so that there can be no congressional or court oversight of any decision he makes with CRAP sorry meant TARP.

ps: goldman sachs is a big beneficiary of TARP. he is an ex goldman sachs employee, another chap who is running the TARP is also an ex goldman sachs employee. wonder why they rushed through TARP (without court oversight) was it to hide any fraudulent activity, was there any quid pro quo. will we ever know. only time will tell.

looks like in the final draft because of failure in the 1st pass in the senate, the judicial oversight immunity was removed.

Potential conflict of interest
There is concern that the current plan creates a conflict of interest for Paulson. Paulson is a former CEO of Goldman Sachs and Goldman stands to benefit from the bailout. Paulson has hired Goldman executives as advisors and Paulson’s former advisors have joined banks that will also benefit from the bailout. Furthermore, the original proposal exempted Paulson from judicial oversight. Thus there is concern that former illegal activity by a financial institution or its executives might be hidden.[64][65][66]
The treasury staff member responsible for administering the bailout funds is Neel Kashkari, a former vice-president at Goldman Sachs.

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

Judicial review
The bill establishes that actions taken by the Treasury Secretary regarding this program are subject to judicial review,[175][185] reversing the request for immunity made in the original Paulson proposal.[186]

Oversight

See also: Oversight of the Troubled Assets Relief Program

purch

Geez..........it was only a joke Bubbla !!!!

No need to spend 30 minutes Googling yourself into a frenzy !!!

bubblesmoney

purch wrote: »

Geez..........it was only a joke Bubbla !!!!

No need to spend 30 minutes Googling yourself into a frenzy !!!

i didnt need to google it now as had already read this a while ago and had reffered to these things in a few of my earlier posts as well long ago.

btw do you still not like wiki . i find it useful (and best part its free).

purch

i find it useful

So do I, I only work myself into a frenzy :mad: when it's quoted as Fact