Paulson to Hire Private Contractors to Handle Bailout Billions

Paulson to Hire Private Contractors to Handle Bailout Billions

www.blacklistednews.com

The U.S. plans to hire five to 10 asset-management firms as Secretary Henry Paulson establishes the government's new office for handling the financial bailout, a Treasury official said.

``We've been doing a lot of work getting ready for this,'' Paulson told reporters after Congress passed the Bush administration's $700 billion rescue package for financial institutions. ``Once the legislation is signed, we're going to be going out and lining up advisers from the private sector.''

Some of the Treasury's new employees will be on the government payroll, while others will be contractors,

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[edit on 10/5/2008 by Keyhole]

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[edit on 5/10/2008 by Badge01]

Oh GREAT!

Now Paulson, in all his glory, NOW tells the American people that he is going to put the $700 billion into the hands of private companies to manage the financial bailout!

This really sucks!

Can you imagine the size of these "asset-management firms" that can handle managing billions of dollars, and who do you think these firms, being big enough to handle this, have probably worked with before?

How about these HUGE companies that this "bailout money is going too!

I think there could be a "conflict of interest" if they have.

Another thing to remember now that the "management" of this money is going to be in the hands of private companies, is that when the bailout is over, they will be out of a job! Now, wouldn't it be in there best interest to keep the bailout going for as long as possible?

After all, $700 billion dollars is just the first installment!

I'm not comfortable with this at all!

And not only that, don't you think it would be cheaper for the government to hire confident people to do this job rather than paying a private company?

We'll even probably end up paying MILLIONS of dollars in bonuses to the CEO's in these companies, I know government employees don't get those sort of bonuses!

www.blacklistednews.com
(visit the link for the full news article)

[edit on 10/5/2008 by Keyhole]

reply to post by Keyhole


Like I said already the privatization of the treasury department has started, now is not doubt that Bush was a propped pupped put in the white house disregarding the voters of this nation with the sole purpose of facilitating the take over of the peoples government.

And we as good slaves has aloud all this to happen along with the pushed laws to protect the corporate trash against the rage of the people is not over yet.

Stop depressing me!

Starred and Flagged .. as this post just won me 5 bucks (not that it's value will persist).

I had expected the private sector would be the 'tool of choice' for His Hineyness Tzar paulson.

Too bad the GAO can't handle the challenge..., I guess.

I don't know if this is such a bad thing. Depending on who the private contractor is, 700 billion might be in better hands with them then anyone currently on capital hill.

Hey, GWB fulfilled his campaign promise to invest the Social Security trust fund in Wall Street!

It just came out of a different pile of imaginary money.

Originally posted by Keyhole`Once the legislation is signed, we're going to be going out and lining up advisers from the private sector.''

eek! why do i get an image of them lined up against a wall in front of the firing squad?

Deeprivergal, this why America is so oblivious of what goes on behind the backs of the American tax payer, you show here that you have no idea of the implications with this developement from the corrupted government we have run by private entities.

Our nation is base on a government by the people and for the people.

The treasury department is an office of the government, now they will be in the hands of the same private financial system that caused the crisis because their greed and the agenda of taking the government out of the hands of the people in this nation.

Originally posted by marg6043
Deeprivergal, this why America is so oblivious of what goes on behind the backs of the American tax payer, you show here that you have no idea of the implications with this developement from the corrupted government we have run by private entities.

Our nation is base on a government by the people and for the people.

The treasury department is an office of the government, now they will be in the hands of the same private financial system that caused the crisis because their greed and the agenda of taking the government out of the hands of the people in this nation.

America is oblivious because America chooses to be. If AMERICA would unite and call a spade a spade and actually get off their asses and do something, we wouldn't be in this mess to begin with.

Deeprivergal, you are right on Americans should do something about it.

But if you read this boards time line during the development of the anti American tax payer bail out bill a few of us did everything we could to engage our for the people elected corrupted leaders in an effort to make them listen to us.

But as you can see with all the links we posted in threads, even with all the American people e-mailing senators, faxing letters and so on.

The will of the people was not even taken into consideration.

Because America do not belong to the people anymore.

The only solution that American hard working tax payer have is one that most people do not want to even consider at this time.

Because most American now fear the same government that is supposed to be a for the peoples government.

reply to post by marg6043


You're right. Gotta love this "free" country with all these elected officials just driving it into the ground.

You know....on one hand, I don't trust a governmental organization to manage all the junk they're buying. Look what the government has done to the deficit in just eight years.

On the other hand....given how private firms have "managed" assets in the past decade, I don't trust them a whole lot either.

This certainly puts us in a 'damned if you do, damned if you don't' sort of situation, doesn't it?

Originally posted by anachryon
You know....on one hand, I don't trust a governmental organization to manage all the junk they're buying. Look what the government has done to the deficit in just eight years.

On the other hand....given how private firms have "managed" assets in the past decade, I don't trust them a whole lot either.

This certainly puts us in a 'damned if you do, damned if you don't' sort of situation, doesn't it?

I vote that YOU should be put in charge of this $700 billion Good luck with that!

Actually the 700 billion is nothing more than a front for the trillions that this bail out will cost, and the only way we will know is as we see the catastrophic national debt increasing.

Perhaps ATS should monitor the national debt to see how much will be increased at the expenses of tax payer in the next few months.

Unless our corporate government of the treasury department dictator I mean Czar decided to stop making the national debt public.

Originally posted by deeprivergal

Originally posted by anachryon
You know....on one hand, I don't trust a governmental organization to manage all the junk they're buying. Look what the government has done to the deficit in just eight years.

On the other hand....given how private firms have "managed" assets in the past decade, I don't trust them a whole lot either.

This certainly puts us in a 'damned if you do, damned if you don't' sort of situation, doesn't it?

I vote that YOU should be put in charge of this $700 billion

Good luck with that!

Aw that's just cruel!

Truth is, as log as the paradigm remains that 'they know better' we will never be clear of this nonsense.

Ever get the feeling when you take your sputtering car to some mechanic, that sometimes they 'take you for a ride"? Same thing. In the end, the solution always takes the same form... less for you..., more for them.

Lets see if Halliburton handles these type of deals????

Betcha they do now.......

reply to post by Maxmars


Honestly, a unified revolt is the only thing that will wake up our government to the fact that its citizens are NOT happy.

Anyone gonna do it?

NOPE!

Originally posted by marg6043
The treasury department is an office of the government,

The US Treasury Department is just ANOTHER department in our government that has failed "the people" miserably!

United States Department of the Treasury - Wikipedia

Responsibilities

The basic functions of the Department of the Treasury include:

* Managing Federal finances;
* Collecting taxes, duties and monies paid to and due to the U.S. and paying all bills of the U.S.;
* Producing all postage stamps, currency and coinage;
* Managing Government accounts and the U.S. public debt;
* Supervising national banks and thrift institutions;
* Advising on domestic and international financial, monetary, economic, trade and tax policy - fiscal policy being the sum of these, and the ultimate responsibility of Congress.
* Enforcing Federal finance and tax laws;
* Investigating and prosecuting tax evaders, counterfeiters, forgers, smugglers, illicit spirits distillers, and gun law violators.

The US treasury manages our "federal finances", shouldn't they be able to handle this job better than a private company?

Shouldn't they be able to keep track of the money, after all, they ARE in charge of our federal finances which is in the trillions I would believe!

It's kind of scary to even think that the Treasury Dept. would allow a private company to handle this, do they feel that a private company can actually handle this job better than they themselves can?

If the Treasury, or Paulson feels this way he should be fired for not being able to do HIS job!

reply to post by deeprivergal

NOPE! Too much fluoride in the water, antidepressants, you know...

Originally posted by dgtempe
reply to post by deeprivergal

 

NOPE! Too much fluoride in the water, antidepressants, you know...

lol exactly

We're all just bi-polar.

Embrace it people!