Bush overpaid banks in bailout, watchdog says

WASHINGTON – The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions, a new study by a government watchdog says.

The Congressional Oversight Panel, in a report released Friday, said last year's overpayments amounted to a taxpayer-financed $78 billion subsidy of the firms.

The findings added to the frustrations of lawmakers already wary of the $700 billion rescue plan, known as the Troubled Asset Relief Program. Congress approved the plan last fall, but members of both parties criticized spending decisions by the Bush administration and former Treasury Secretary Henry Paulson.

Source

If there is ever a reason to impeach this man now is the time. This is just down right criminal. The fat cats are getting fatter whilst the poor people are getting poorer.

The irony is I found this whilst I was reading a story about a 93 year old man who froze to death after the electric company restricted his supply. Due to unpaid debts. here here

More has to be done to raise the global awareness of these criminals.





[edit on 6-2-2009 by franspeakfree]

Bush overpaid in the bailout so..... Obama is paying again?

So much imaginary money is being thrown all over the place to apparently do nothing that I'm getting pretty confused.

I need to make a nice chart with little lines and pictures.

Also, you call for impeachment. Can you impeach somebody who isnt President?

[edit on 6-2-2009 by thisguyrighthere]

reply to post by thisguyrighthere


You don't get it. People like fran are only concerned what Bush did, not what Barry is doing now. In fact it looks like Barry is going to outdo Bush by a big multiple in giving out money that will go straight into a lot of his buddy's pockets, and in no measure will help to resuscitate the economy. But that doesn't matter one bit according to a lot of the pro-Barry people here.

Elizabeth Warren, chair of the Congressional Oversight Panel reported last night that we're getting $66 for every $100 we are putting into TARP. Paulson reported we were breaking even. In other words, he's lying about it.

Rachel Maddow Video



[edit on 6-2-2009 by Benevolent Heretic]

It's a money trough for those in power, and they steal all they can, and share with those who'll secure them more power and more money.

And the women are as bad as the men: unconscionable behavior towards those they are 'appointed' to govern.

Sure, make some threads, debate, argue, complain.

They have the armies, the police, the power, the absolute ruthlessness required to maintain their power status. It's held within fairly tight, well-controlled circles of birth, upbringing and behavior.

I notice Obama's making hard choices already, but the world won't come around until people are willing to go to sleep and let their money and more rights be stolen out of hand, as is the norm. If this doesn't happen, things will continue on the downslide.

Really, it's simple. Many more awakened people are required to turn the tide.

"The history of the planet Earth demonstrates one thing to us. It shows that those in power will test those who are not as powerful. They will use intolerable situations to see how much the less powerful will take before they wake up due to the pain it causes. One of the ways this is done in your Society is through creative lawmaking. It is the process to retain and usurp individual responsibility and place it under the dominion of Society. The more that the numbness has crept in through the enactment of elaborate and confusing distinctions, the more difficult it is to recover one's Freedom. They know that they had been successful in turning the human race into an unmanageable mass that knows its prescribed place in the safety of Society. The sooner the human race wakes up, the sooner the slavemasters must withdraw to reset their strategy. The slavemasters have been defeated many times, but it is a many headed beast. As soon as you chop one head off another attacks from your weak side."
("Scales of the Dragon," A.Dragon)

[edit on 6-2-2009 by SS,Naga]

Nooooo ... The democrats did that.

Bush Vetoed the first one and it was rammed down our throats.

And besides, we have a new boss now. moveon.org

[edit on 6-2-2009 by Cio88]

Originally posted by Cio88
Nooooo ... The democrats did that.

What are you talking about? It was Bush's bill.

Bush Vetoed the first one and it was rammed down our throats.

He vetoed his own bill???

Dude

This bill was as much McCain/Obama's as it was Bushes.

I mean they were the 2 loudest cheerleaders.

And Bush basically gave in like Obama is now. You see Obama out there, begging for another 800 billion. It's because they don't know any better.

They honestly think that's what the best economists recommend.

Boy, the History books will laugh at our leadership and our people.

I'm laughing at MSNBC lately....They're always so slow to get things. They're my unlimited source of the short bus express....

Hang it up BH... you can't argue with fanatics. To them its always the liberals and Democrats fault... To them conservatives and Republicans can do no wrong despite ample evidence to the contrary.

That bush minor and his cronies overpaid the banks doesn't surprise me one iota... after all look who owned him.

The best and brightest on Wall street were neither... instead they were the most greedy and that is all.

Those banks should have been allowed to fail... there is no telling me that they didn't know what they were doing or know the risks.

Besides all of that no bank, insurance company or corporation should have been allowed to get so large that their failure could bring down our economy... deregulation my ample ass.... regulate them into a corner and keep them on a tight leash... if you don't know what happens when you give them free reign by now you are an idiot. (not you BH ).

Originally posted by grover

Those banks should have been allowed to fail... there is no telling me that they didn't know what they were doing or know the risks.

That's your best point in your post, the rest is questionable and hard to follow.


But, yea, let's face it, as a Republican I see how I'm getting scammed here.

As a democrat, you can see how this is a scam too.

We both agree, and that's the most important thing, that we are going to have to suffer. But with a bail out, it will be much worse. Maybe a depression.

reply to post by grover


Consider it hung up.

I agree the banks should have been allowed to fail. But Bush wouldn't allow it. This bailout was welfare for the wealthy, greedy and corrupt. And all the fine print and lack of transparency and oversight makes for a huge "gift" we just gave to the billion-dollar bonus crowd.

I'm glad I don't have kids who are going to have to live with this insane debt.

Originally posted by Benevolent Heretic



This bailout was welfare for the wealthy, greedy and corrupt.

Are you talking about the one from October or the one Obama is trying to pass today?

To me, it's very hard to differentiate (objectively) between the two "Stimulus Packages"

But hey, what ever makes YOUR posts tick....Your image...

reply to post by ConservativeJack


Read the the OP to see what we're talking about.

"The Bush administration overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions"

A bailout package is handing over a bunch of money to an entity (the banks). (What Bush did)
A stimulus package is spending money for projects to stimulate the economy and create jobs. (What Obama is trying to do now)
A tax package is a bill to lower taxes to let people and corporations keep more of their money. (What the GOP is trying to turn Obama's stimulus bill into)



[edit on 6-2-2009 by Benevolent Heretic]

Originally posted by Benevolent Heretic
A bailout package is handing over a bunch of money to an entity (the banks). (What Bush did)
A stimulus package is spending money for projects to stimulate the economy and create jobs. (What Obama is trying to do now)
A tax package is a bill to lower taxes to let people and corporations keep more of their money. (What the GOP is trying to turn Obama's stimulus bill into)
[edit on 6-2-2009 by Benevolent Heretic]

Oh, I now better understand. See, the common thread....


The common denominator...between the "Stimulus" and the "Bail Out"....is Obama. You see, now I clearly see that Obama was the number one supporter and leader of both packages.

Thank you.

And trust me, you can't create jobs by spending money for projects, that's simply delusional.

Originally posted by Benevolent Heretic

Originally posted by Cio88
Nooooo ... The democrats did that.

What are you talking about? It was Bush's bill.

Bush Vetoed the first one and it was rammed down our throats.

He vetoed his own bill???

Who has the power of the purse, the executive branch or the legislative branch? Once you've answered that question, then you can start assigning blame.