Good thing the bill has a provision the Treasury could never be held liable for anything they do? No questions asked, just shut up and take it. Incompetent you say?
This is the final feeding frenzy as they siphon money to offshore accounts in non-extradition countries.
The pillaging continues….
Trillions in treasuries for worthless paper as collateral. Don’t think I would care too much about losing my collateral if I was a bank. This has nothing to do with protecting asset prices or the industry. It has to do with obstructing justice and concealing evidence.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
It’s been a non-stop cash orgy if you were a “made” guy.
Bankers watching bankers, regulators who don’t believe in regulating — all
standard fare for the Bush crew. What’s most striking about Jeffery’s
résumé, however, is an item omitted when his new job was announced:
He served as executive director of Paul Bremer’s infamous Coalition
Provisional Authority in Baghdad, during the early days of the Iraq War. Part
of his job was to hire civilian staff, which made him an integral part of the
partisan machine that filled Baghdad’s Green Zone with Young Republicans,
investment bankers and Dick Cheney interns. Qualifications weren’t a big
issue back then, because the staff’s main function was to hand over stacks
of taxpayer money to private contractors, who were the ones actually
running the occupation. It was this nonstop cash conveyor belt that earned
the Green Zone a reputation, in the words of one CPA official, as “a free
-fraud zone.” During Senate hearings last year, when Jeffery was asked
what he had learned from his experience at the CPA, he said contracts
should be handed out with more “speed and flexibility” — the same
philosophy he cited back while in charge of regulating Wall Street traders.
Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson’s transaction, the taxpayers were taken for a ride – a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public’s money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.
