So what has Paulson done so far with your $800 billion? He’s rewarded his friends, of course. $70 BILLION has gone to executives and staff. The Guardian reports:
Financial workers at Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government’s cash has been poured in on the condition that excessive executive pay would be curbed.
Yes, Paulson’s Goldman Sachs - which didn’t even get bailed out - will get a $11.4 billion gift from the government. Congress is investigating.
Further, as colleague Iain Murray unveiled, “Jamie Dimon, the CEO of JP Morgan Chase, has agreed in principle to be Obama’s Treasury Secretary. Dimon worked hand-in-glove with Hank Paulson over the Bear Stearns bailout.”
So it appears Mr Spread-the-Wealth will continue Paulson’s legacy.
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The mortgage bailout move may bring down interest rates, but experts are less sure that it will stem foreclosures and falling home prices.
It appears that a TARP was not enough to cover up the mortgage crisis. Endangered mortgage homeowners could not benefit from the kind of credit repair scores presented by Treasury Secretary Paulson’s Troubled Asset Relief Program. On the contrary, 1.5 million homeowners can obtain a sense of security when they’re facing foreclosure through the Federal Insurance Corp Chairman Sheila Bair’s new mortgage modification program. This straightforward system, a $24.4 billion program drawn from the $700 billion pool that TARP set up, will allow lenders a stipend of $1,000 per loan they renegotiate with financially stuck homeowners. In the event of default on a loan, the FDIC has pledged to take on up to 50 percent of the loss. While Paulson proclaims this as a mere spending that will only bankrupt the FDIC, many view Bair’s movement as a needed investment to maintain the liquidity in the mortgage industry. While this won’t solve all the problems immediately, it’s certainly a bold effort to help repair credit.
Click to read more on Credit Repair
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(RTTNews) - The value of the controversial $700 billion financial rescue program has
Absolutely infuriating. I'm not thrilled with the way things turned out and the writing on the wall looks like we have even more to look forward to in the future. I am wondering what the point is the people will stand up and say enough of this croneism and corruption. Foo..
The bailout drives me nuts. And it shows its good to know people, because friends and cronies are definately getting special treatment.