charles hopfl

Bailout: Reaching a Deal

The details are lacking. The NYTimes reported Sunday that Paulson had the nerve to demand that Congress forbid judicial review of his decision on use of the money in the bail out. He could be allocating trillions of the assets to his buddies at Goldman, etc. at discounted prices allowing them to make huge killings and no one should object. The Times also points out that Goldman officials were sitting in on the decisions about AIG and Fannie and Freddie, when they had 20 + billions at stake on the decisions. Who else from the club was present at these meetings? Certainly not any represents of the common folks. Who is getting hurt most from this bail out and fall out? The common folk. Has anyone even suggested that the culprits at AIG, Fannie, Freddie, Lehman, Goldman be indicted for this debacle. No one in authority, but the poor slob who caused a few errant mortgage loans to be made is quickly indicted and shown off as the culprit. The greates lie of all is that sub-prime mortgages caused the financial problems, when now it is exposed that the CDO's and the swaps were overwhelmingly more involved (by trillions). Hopefully the media will get this right at last and the perception for the public corrected. The facts have still to out and the bail plan will show many surprises that no on but the insiders have contemplated.