Bailout For Who?
Original publication: Inter Press
Date of publication: September 26, 2008
BOSTON, Sep 26 (IPS) - U.S. lawmakers and the
George W. Bush administration are continuing their closed-door meetings
through the weekend to try and fashion a softer 700-billion-dollar deal
for Wall Street that will appeal to citizens angry at the prospect of
the mega-corporate bailout.
Treasury Secretary Henry Paulson
brought the plan to Congress on Sep. 19 in a three-page outline, and
said it was necessary to prevent the collapse of the finance market due
to complex trades involving subprime mortgages.
The plan would have allowed Paulson, a former CEO of Goldman Sachs,
complete control of the massive payout with no oversight, no auditing
and no plan of a payback to the taxpayer.
