$700 billion? We want more!
These capitalists generally act harmoniously and in concert, to fleece the people.
- Abraham Lincoln
The carpetbaggers are now coming for the entire Treasury. Because there's just never enough... is there?
Today's big story in the New York Times:
Big Financiers Start Lobbying for Wider AidNo hearings, no process... and no bottom to their carpetbags. May as well give greedy bastards the the chandeliers and the good china too; they aren't leaving while there is anything left that they can possibly carry out the door.
By JENNY ANDERSON, VIKAS BAJAJ and LESLIE WAYNE
This article was reported by Jenny Anderson, Vikas Bajaj and Leslie Wayne, and written by Mr. Bajaj.
Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
Financial firms were lobbying to have all manner of troubled investments covered, not just those related to mortgages.
At the same time, investment firms were jockeying to oversee all the assets that Treasury plans to take off the books of financial institutions, a role that could earn them hundreds of millions of dollars a year in fees.
Nobody wants to be left out of Treasury’s proposal to buy up bad assets of financial institutions.
“The definition of Financial Institution should be as broad as possible,” the Financial Services Roundtable, which represents big financial services companies, wrote in an e-mail message to members on Sunday.
The group said a wide variety of institutions as varied as mortgage lenders and insurance companies should be able to take advantage of the bailout, and that these companies should be able to sell off any investments linked to mortgages.
The scope of the bailout grew over the weekend. As recently as Saturday morning, the Bush administration’s proposal called for Treasury to buy residential or commercial mortgages and related securities. By that evening, the proposal was broadened to give Treasury discretion to buy “any other financial instrument.”
The lobbying became particularly intense because Congress plans to approve a package within just two weeks, without the traditional hearings and committee process.
“Of course there will be fierce lobbying,” said Bert Ely, a financial services industry consultant in Alexandria, Va. “The real question is, Who wouldn’t want to be included in the package?”
More...
Sure - who wouldn't want to be included in the package?
Um... excuse me... how about the taxpayers?
Labels: financial crash, financial crisis, greed, Treasury Department, Wall Street
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