Paulson wants us to bail out the company he received hundreds of millions of dollars from

[NNN0LHI]

http://www.alternet.org/workplace/99707/the_$700_billion_bailout:_one_more_weapon_of_mass_deception/

The $700 Billion Bailout: One More Weapon of Mass Deception

By Richard W. Behan, AlterNet. Posted September 22, 2008.

Not since the Bush administration's lies about Iraq's "weapons of mass destruction" have the American people been so despicably misled.

The Bush administration's proposal to buy, with taxpayers' money, $700 billion of toxic liabilities from the corporate financial titans of Wall Street is a fraud. It is by no means necessary, as Treasury Secretary Henry Paulson claims in the agency's Fact Sheet, "to promote market stability, and help protect American families and the U.S. economy."

It is necessary only to assure the financial survival of Wall Street banks and brokerages, the administration's most loyal supporters and its greatest political contributors -- and in large measure the cause of the financial meltdown the country is facing.

These financial corporations lobbied ferociously to be free of government regulation. Had they not succeeded, they could not have done what they did next: They created and leveraged trillions of dollars of complex "derivatives" -- mortgage-backed securities, collateralized debt obligations and credit default swaps -- all riding on an unprecedented real estate bubble stimulated by their frenzy of creative finance. When the bubble burst, as bubbles do, many of these financial titans faced bankruptcy, their obligations far exceeding their assets.

The $700 billion of taxpayers' money, in the plan suggested by Paulson, will buy enough of the toxic obligations to allow the companies to avoid bankruptcy. Not coincidentally, a major beneficiary of the scheme will be the investment bank Goldman Sachs. Paulson resigned as CEO of Goldman Sachs to become the Treasury secretary in 2006, having amassed a personal net worth of $700 million during his 32-year tenure at the bank (on average, $21.9 million per year).

[malaise]

1. It is almost laughable

They are criminals

[MiniMe]

2. As the former CEO, I'm sure that he has a lot of stock in Goldman

Of course he wants to bail them out.

[OregonBlue]

3. Look at the Goldman Sachs China Website.

http://www2.goldmansachs.com/worldwide/china/index.html

The combined resources of Goldman Sachs, GSGH and Gao Hua represent the largest team among international investment banks in China, providing comprehensive, high quality and customized services to our clients.

Goldman Sachs’ Hong Kong office – our (ex-Japan) Asia headquarters for more than two decades – has established a comprehensive platform of solutions and products for clients in Hong Kong and throughout Asia.


Paulson went into China in a huge way and has sold our debt to China as fast as they can put up the money.

[CJCRANE]

4. So Goldman Sachs is the new Halliburton.

Another money pit.

[Wilber_Stool]

5. Yup, the guy that ran out the back door

so he wouldn't get caught just ran in the front door claiming to be our savior.