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Bailout Update

Published:

Last Edited: September 23, 2008, 8:48 pm

Two new developments on the bailout:

1) According to Tony Fratto, WH Spokesman, this plan was in the works for months.  Lawmakers have only days to study it.  (Red flag)

"Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough." 

 http://emptywheel.firedoglake.com/2008/09/23/bush-mouthpiece-admits-theyve-been-sitting-on-this-plan/

Note:  The plan is three pages long.  It took months to craft it. (another red flag)


2) The FBI is starting an investigation into fraud by CEO's of Fannie Mae, Freddie Mac, Lehman Bros. and AIG.  (huge red flag)

http://www.huffingtonpost.com/2008/09/23/fbi-investigating-compani_n_128759.html

Entry #160

Comments

1.
konaneComment by konane - September 24, 2008, 8:26 am
This is really good too, why profit from something they ran into the ground. Whatever contracts they had with the company for salary .... all bets are off.

""Exec pay limits gain support as bailout questioned

http://news.yahoo.com/s/ap/20080924/ap_on_bi_ge/financial_meltdown
2.
time*treatComment by time*treat - September 24, 2008, 8:41 am
How many shares of Goldman Sachs does Paulson own? ;-)
3.
Rick GComment by Rick G - September 24, 2008, 8:45 am
konane, yes...to let the execs sneak away with with millions...let's just say they might find a taxpayer's pitchfork up their ass.

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