Sunday 28 September 2008

Biggest U.S. Government Intervention Since The Great Depression in 1930


So the average American citizen will bail out Wall Street and this, most probably, will include the bunch of politicians, senators, law makers, that have directly or indirectly their (massive) wealth linked to it.
-So it passed-

They will want to look like Heroes.. but I can tell they will be remembered as zeroes, the one that did nothing to stop the mess from expanding, that created massive wealth for some and destroyed the American dream for the thousands of the average American...

-So they got to pay - through tax money.

Now, the architect of this plan is Hank Paulson Jr.
Who's that?
Well this guy was the CEO of ... Goldman Sachs ... from 1999 - 2006 before becoming the secretary of treasury...
-made about 37 Million dollars in 2005
-made about 16 Million dollars in 2006
-2007, hired by the U.S. government- one can say that he left at the right time, did he know?

He pretends that He is not a macroeconomist therefore didn't see his bank or the whole system heading to a wall. I suppose the profit, bonus or massive wage would blind the reason of any bankers...

Would that money, illegitimately won be paid back by this robbers... Indeed we have been taught that bank robbers are acting from outside and trying to get to the vault...in today world's, the robber are the banker themselves, engineered a system that created their astronomical wealth...

I will petition for the creation of a special committe that will prosecute all bankers that created their wealth on top on this mess...

But coming to Paulson, this Architect manage to get the best deal for him and his collegue- having multimillions of citizen work for 2 or 3 generations to pay back what they never ask for and never seen the color of...

Why do they have to pass this bail..

Well Mr Bush said that if they don't they will be a deep recession...Damn he cannot foresee a recession (he said that the economy is "sound" a few while ago) that everybody was able to see forming for about 2 year or 2 decades but now he is certain, probably at the same level he believed (tricked) that Iraq had WMD, that it's a wall or short pain if this wasn't passed...

Let's look at some facts:

AIG got rescued:

"Goldman Sachs Group Inc had as much as $20 billion at risk had the insurer American International Group Inc collapsed, the New York Times said on Sunday.

Goldman was AIG's largest trading partner, the newspaper said, citing six people close to the insurer.

A collapse of AIG threatened to leave a hole of as much as $20 billion in Goldman, the newspaper said, citing several of the people.

The Wall Street bank told the newspaper that it was never imperiled by AIG's troubles."

Let's take a break from Mr Paulson...to the fatty reverance pay that some or lots of executive have had...

"Patricia Russo, the recently ousted chief executive of loss-making Alcatel-Lucent, should hand back a 6 million euro ($8.8 million) payoff, French officials said on Sunday.
Russo received the so-called "golden parachute" after running the Franco-American telecoms equipment company for just 20 months, during which time Alcatel-Lucent shares fell by more than 60 percent."

I think she should be prosecuted...
Now, the world need to turn a chapter, Obama could not come at a better time...

1 comment:

Anonymous said...

Sept. 29 (Bloomberg) -- As much as $37 billion from federal bailout loans to American International Group Inc. has gone to investment banks including Goldman Sachs Group Inc., the firm Treasury Secretary Henry Paulson used to run.

Without the government money, Goldman, Merrill Lynch & Co., Morgan Stanley, Deutsche Bank AG and other firms could have become some of the biggest creditors in a bankruptcy filing by AIG, the world's largest insurer, because of its billions in losses on subprime bonds and corporate debt.