Reply #64: yeah, those tarps sound mm-mm good - for goldman.

[Hannah Bell]

Wolfgang Munchau in EuroIntelligence..also says that Treasury Secretary Henry Paulson devised the badly-flawed Troubled Assets Repurchase Program to benefit Goldman.

Although this is a widely-held view, few financial commentators have been willing to say so in writing.<<


"The US administration’s TARP proposal is a case in point. It has lambasted by almost every economist, including those who normally disagree with each other on most things. Buying up toxic securities at above market prices is simultaneously the most expensive and unfairest way to recapitalise the banking system. It is very difficult to believe that the US treasury secretary can possibly be driven by a motive other than a wish to benefit the investment banks he once chaired, and which stands gain handsomely from such a package, and which would never dream of accepting any government capital infusions. The only alternative explanation for his behaviour is immense stupidity – and I know that he is not a stupid man."

http://www.nakedcapitalism.com/