Open disclosure???
Paulson's Swindle Revealed
Wednesday 29 October 2008
by: William Greider, The Nation
A protester in front of the New York Stock Exchange. The United Steelworkers conducted its own financial analysis of the $700 billion bailout and concluded, in a letter to Secretary Paulson, that the bailout constituted a $350 billion gift from the American taxpayers. (Photo: Getty Images)
The swindle of American taxpayers is proceeding more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson's transaction, the taxpayers were taken for a ride - a very expensive ride. They paid $125 billion for bank stock that a private investor could purchase for $62.5 billion. That means half of the public's money was a straight-out gift to Wall Street, for which taxpayers got nothing in return.
I am William "Papa" Meloney and I endorse this message.
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