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Hank Paulson a year ago:

Discussion in 'Sports and News' started by poindexter, Jul 30, 2009.

  1. poindexter

    poindexter Well-Known Member

    As he was asking the government for hundreds of billions to pump into Freddie Mac and Fannie Mae:
    'We must complete this work,' Paulson said in testimony to the Senate Banking Committee today. 'The Senate passed GSE reform legislation last Friday, and we urge the House to act quickly to advance this process.'..

    'Let me stress that there are no immediate plans to access either the proposed liquidity or the proposed capital backstop,' Paulson said. 'If either of these authorities is used, it would be done so only at Treasury's discretion, under terms and conditions that protect the US taxpayer and are agreed to by both Treasury and the GSE.'

    Fast forward to today:
    GSEs Unlikely to Repay U.S. in Full

    "My view is that some assets in the senior preferred will have to be left behind as they come out of conservatorship," Federal Housing Finance Agency Director James B. Lockhart said Thursday in response to a question at a panel discussion in Washington. "That will mean that some of the losses will never be repaid."

    The Treasury has agreed to pump $200 billion into each company in order to keep them solvent. In exchange, the government receives senior preferred stock that pays a 10% dividend. So far, it has injected $85 billion in total into the companies, but Lockhart said that figure was likely to rise in the coming months.

    For those slow on the uptake, lets review the process. Treasury chief Paulson needs money quickly, but assures us that the taxpayer is protected.

    Then, a year later, some lower level person admits some of the truth (though still murky on the details, like exactly how much the taxpayers are getting reamed.)

    Wash, rinse, repeat. Taxpayers' assholes are reamed every day. We just don't know it.

    Expect this process to keep being repeated over and over and over. Any lie promise made by the people in charge will be forgotten, then the truth will slowly leak out. Then one day, we'll wake up and wonder just WTF happened.
  2. Pancamo

    Pancamo Active Member

    Hank Paulson should be in jail. He used public funds to bail out his cronies at Goldman. The AIG bailout was a bailout of Goldman and his boys.
  3. Simon_Cowbell

    Simon_Cowbell Active Member

    que Matt Taibbi
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