Aren't you glad your elected Congress took action and voted for a $700 Billion dollar financial bail out?
The AP has released a study. Of the 116 banks who has received $188 Billion in taxpayer money:
_The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
_Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
This is great. Gomory has created a fictional universe to explain our same never ending question of why the financial sector was thrown gobs of money and the auto industry is getting the shaft.
Now why could through all of that hell, have the Senate crush hope, only to turn around and say the Big 3 U.S. auto manufacturers can get some of the bail out money already approved?
The Bush administration dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate yesterday failed to approve emergency loans
Some executives in the group of 130 recipients will get more than $500,000 to stay through 2009, about 200 percent of their salaries.
The awards may equal 100 percent to 300 percent of an executive’s annual salary, and as much as 100 percent for the next round of payments for lower-paid employees, the person said. The retention payments are several times larger than year- end bonuses, which most of the 130 executives will still get in March, the person said.
Ha, ha, ha, ha ha. What can I say. Students don't want the Treasury to give even more money to predatory student lenders. Imagine that.
Considering how the Treasury and the Fed already gave to every other predatory lender out there, especially the credit card companies, why should this be any different?
[Paulson] has shelved the original plan to buy troubled mortgage assets while turning his attention to nonbank financial institutions and consumer finance.
Purchasing these so-called "toxic" assets was once the cornerstone of the rescue plan for financial markets and was almost the entire focus of Congress when the package was being debated before its enactment. But almost as soon as Treasury received the money, it decided that giving capital to banks in return for preferred stock was a better use of the funds.
Update3:: Bill Attached appears to be the latest draft but there are now reports that a new draft will be released this evening. The version of this draft is AYO08B94. From some internal Network Drive somewhere in D.C.: O:\AYO\AYO08B94.xml
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