Letter from Soros: No blank check for Paulson

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Monday September 29, 2008 · 1:18 PM PDT

2008/09/29 · 13:18

I am on quite a few mailing lists. One is from George Soros.

I had not hear much from him during this whole meltdown crisis. Finally, I received some information, but it's brief and the rest of the article is behind a firewall. Alas, I don't want to pay for a subscription. Does anyone else have one, and could they peek-in and let us know some of Soros' reasons?

Dear Friends and Colleagues:

I thought you might be interested in my opinion piece which appears in the September 25th edition of the Financial Times.

George Soros

Paulson cannot be allowed a blank cheque
By George Soros

Published: September 24 2008 20:28 | Last updated: September 24 2008 20:28

Hank Paulson’s $700bn rescue package has run into difficulty on Capitol Hill. Rightly so: it was ill-conceived. Congress would be abdicating its responsibility if it gave the Treasury secretary a blank cheque. The bill submitted to Congress even had language in it that would exempt the secretary’s decisions from review by any court or administrative agency – the ultimate fulfillment of the Bush administration’s dream of a unitary executive.

driftwood

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Friday September 26, 2008 · 9:11 AM PDT

2008/09/26 · 09:11

Just saw this on the Bloomberg news channel ticker:

Cuomo Widens Short-Selling Probe to Credit-Default Swaps Market

New York Attorney General Andrew Cuomo has expanded his investigation of short selling to include trading in the $54.6 trillion credit-default swaps market, according to a person in his office.

Cuomo is probing whether credit-default swaps were manipulated by short sellers through the use of false rumors about financial companies such as bankrupt Lehman Brothers Holding Inc. to drive stock prices down, the person said.

Several regulators are focusing on credit-default swaps to see if the bets are fueling the global financial crisis. U.S. Securities and Exchange Commission Chairman Christopher Cox said Sept. 23 that Congress should immediately grant authority to regulate the swaps, which investors use as insurance against a drop in the value of investments, such as bonds.

driftwood

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Wednesday September 24, 2008 · 1:28 PM PDT

2008/09/24 · 13:28

Henry Paulson is doing what he does best:

bundling risk and passing it down the line.

It's like a giant pyramind scheme. The problem is that all pyramind schemes crash. What happens when the risk hits the bottom line. Us.

Guess what, there are no guarantees on the outcome of this plan. No guarantees for the millions of American tax payers that are buying this massive packaged risk.

driftwood

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Monday September 22, 2008 · 12:31 AM PDT

2008/09/22 · 00:31

A Wall Street player all the way!
Let's remember:

At his confirmation hearing in June 2006, he listed his priorities as restoring the long-term financial stability of Social Security and Medicare (nope), keeping taxes low and simplifying the tax system (not really), expanding trade agreements so that American workers, business, and farmers could compete globally (well, there's Peru), and enhancing the flexibility of financial markets by preventing "creeping regulatory expansion" (oops).

While those are the sorts of bromides that Republican cabinet nominees serve up at confirmation hearings, Paulson did make an effort. He published reports on Social Security and Medicare and tried to get a conversation going, but couldn't find anyone who wanted to talk about it.

Too bad, so sad. No money social security money to pump up Wall Street.

link

driftwood

Community (This content is not subject to review by Daily Kos staff prior to publication.)

Sunday September 21, 2008 · 9:34 AM PDT

2008/09/21 · 09:34

This is the man that ran the firm as CEO, that helped drive the price of energy through the roof, hurting every single American, You really gonna trust this man?

Goldman Sachs:

The firm is also heavily involved in energy trading, including the oil speculation market, on both a principal and agent basis.[8]

In May 2006, Henry Paulson left the firm to serve as U.S. Treasury Secretary, and Lloyd Blankfein was promoted to Chairman and Chief Executive Officer. Former Goldman employees head the New York Stock Exchange, the World Bank, the U.S. Treasury Department, the White House staff, and firms such as Citigroup and Merrill Lynch.

http://en.wikipedia.org/...

RSS

Letter from Soros: No blank check for Paulson

Cuomo Widens Short-Selling Probe to Credit-Default Swaps Market

Mr. Risk bundles risk and passes it on to all Americans UPDATED

Remember Paulson's Mission? Privatize Social Security.

Paulson's "Dirty" Bailout. Wall Street wants to be first in line for bailouts