Fink Says U.S. Bailout Can Work, Won't Hurt Taxpayers

[Tandalayo_Scheisskopf]

Source: Bloomberg

By Christopher Condon and Margaret Popper

Sept. 24 (Bloomberg) -- Laurence Fink, chief executive officer of fund manager BlackRock Inc., said the U.S. Treasury's bailout of financial companies can succeed without taxpayers bearing the costs.

``If this plan works, taxpayers are not going to be out money,'' Fink, a pioneer of residential mortgage-backed securities, said in an interview with Bloomberg TV.

Treasury Secretary Henry Paulson has proposed a $700 billion rescue fund to remove devalued assets from the banking system and alleviate the worst financial crisis since the Great Depression. Fink said he expects Congress to approve the package even as lawmakers say it leaves ordinary Americans on the hook for problems created by Wall Street executives.

``It is essential this plan is passed,'' he said. The government rescue, in combination with private-sector debt buyers on the secondary market, will help restore necessary liquidity in the $10.6 trillion mortgage market, Fink said.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=af.N94xglmSk&refer=home

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BWAHAHAHAHA!!! BWAHAHAHAHA!!! Hehehehehe. :rofl:

Sure, Larry, you pioneer, you. Sure. You betcha. Yup. We're gonna listen to you, asshole.

BWAHAHAHAHAHA!!! :rofl:

[redqueen]

1. If we get our equity stake, sure.

DEMAND IT!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4076190

[Skink]

2. If the governemnt buys these assets for say 100 Billion it could work.

Or they could give away the store thus hamstringing the next admin.

[Tandalayo_Scheisskopf]

4. I expect the second alternative.

Repukes always leave scorched earth for dems. Always.

[fascisthunter]

3. Says a "Fink"....

I know, I know.....

[rateyes]

5. And, if it doesn't work?

[FiveGoodMen]

6. Shhh! We just won't bring it up, then.

[Sub Atomic]

8. If it doesn't work...

[Xipe Totec]

7. Would you trust a guy that looks like this?

[guruoo]

14. beat me to it

[David__77]

9. Only if the prices paid are market prices.

The government should not subsidize these things. Further, any premium paid must be only in exchange for state-owned stakes in these firms.

[Alcibiades]

15. No premium!

Premiums are paid by people who think there will be some sort of value created by the transaction. Here, the free markets have set a price that is zero, so, if the value is zero, let the government assume those obligations for zero dollars.

All of them. No cherry picking.

[leftchick]

10. "chief executive officer of fund manager BlackRock" Yeah Man!!!!

That is JUST who we should be listening to!!!!!

:puke:

[ixion]

11. Fink, a pioneer of residential mortgage-backed securities belongs in jail

rather than feeding more BS about how spending a trillion dollars on bad paper won't cost anything.

[Javaman]

12. And just how the fuck does this mr. fink this money is to be paid back?????

with good intentions? what a total fucking tool!

[Crowman1979]

13. The letters CEO is a signal to avoid reading the article.

[Alcibiades]

16. Will his company manage the funds?

"... Fink, who declined to say whether his New York-based company will bid on contracts to manage the proposed Treasury fund."

Why should we pay this asshole to manage anything? He's part of the problem, not the solution!

If this gets passed, his corporation gets billions in fees. If this were profitable, wouldn't the private sector be doing it?

[endarkenment]

17. Yes of course because only 700B of our WORTHLESS dollars will be used.

What a fucking asshole. I am against the death penalty, but seriously, some of these folks need to be sent to the firing squad. The level of crime being perpetrated as we sit and stare at this mess is astounding.

[mhatrw]

18. 100 words

[KoKo]

19. YEAH! "Chicken Little/Chicken Little the SKY IS FALLING" from McCain/Bush!

Yet Obama remains "cool and collected" because he knows "what's going on," and he is determined and resolute and isn't gonna send us down some "PIE HOLE!"