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Bush overpaid banks in bailout, watchdog says

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posted on Feb, 6 2009 @ 06:58 PM
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Bush overpaid banks in bailout, watchdog says


news.yahoo.com

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.

(visit the link for the full news article)



[edit on 6-2-2009 by DimensionalDetective]




posted on Feb, 6 2009 @ 06:58 PM
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LOL

Gee, who woulda' thunk it? I'm sure it was all just a big misunderstanding, eh?

Now get ready for round two of this raping and pillaging, courtesy of the George W. Obama administration...

The fun just doesn't stop with our two-party crime family! The elitists just keep building their empires beyond their wildest dreams as their loanshark enforcers, the U.S. government continue picking our pockets for them. Meet the new bosses, same as the old ones!

Awesome!

news.yahoo.com
(visit the link for the full news article)



posted on Feb, 6 2009 @ 07:49 PM
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Paying one dollar to the outfits that got themselves into this mess would have been to much . Either a large group of Zombie company's will be created that can only live off more hand outs or before then the US dollar will become worthless which will make the bail out money worthless . IMO the US dollar is being deliberately devalued in order to provide a back door entrance for the NAU .



posted on Feb, 6 2009 @ 07:55 PM
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reply to post by DimensionalDetective
 


The cycle works really well. Boom and bust and those who can withstand the bust cycle have a great moment to buy in.

The banks have been taught a wonderful lesson as well as the Federal Reserve system overall. You may make an infinite number of mistakes if you reach an echelon where you the banks become the de facto financial system.

The irony all the while will be that those who reaped those bonuses will never hit the ground personally and their actions will only serve to financially injure others.

The truth in the coming years will bring out the raw sloppiness and lose behavior involved in the first of the TARP disbursements.

The positive angle to this all may well be a mild awaken of the sheeple but that remains to be seen.



posted on Feb, 6 2009 @ 08:00 PM
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This shouldn't really be surprising to anyone.

A politician acting on his own interests?

That's never happened before (sarcasm).




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