I listened to this interview yesterday with Congressional Oversight Panel director Elizabeth Warren on NPR:
http://www.npr.org/templates/story/stor … =101611260
There's also a link there to the COP report on U.S. foreclosures--a really disturbing document worth reading.
Anywhoo, Warren said when she asked Paulson for information on where the bank bailout funds were going he sent her a letter about a paragraph long saying he was buying up toxic assets dollar for dollar from various banks, the end. But when COP investigated it turned out he was buying them at prices so low it amounted to just giving money to the banks. Some got more money than others--Citi for example.
She says in the interview that the lying is what is troublesome and I agree. There's a certain contempt for taxpayers in the way this has all been done--it's not even disguised all that much.
She also says right now foreclosures are so bad and getting worse so fast that foreclosure alone could tank the whole economy, and it won't take that long either.
I wish we could get criminal charges brought against some of these guys.
Another idiot I honestly do not believe that there is any honesty in our system whatsoever.
by KKalmes6 years ago
I'd really appreciate some hub writing insights... my basic categories are; political issues, social issues, environmental issues, fiction, political satire, and some entertainment thrown in when warranted.Thanx in...
by pgrundy8 years ago
This weekend Henry Paulson, Ben Bernanke, and Congress are going to hammer out a way for the US to buy up the bad mortgage debt that is causing turmoil in the markets. The most conservative estimate of the cost of doing...
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