Public protests have given Congress pause to carefully consider the bailout proposed by Paulson and the lame duck administration. It seems crucial to include ALL necessary protections to avoid further enriching the rich at taxpayer expense.
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BLOOMBERG NEWS: Paulson Plan To Mostly Benefit His Old Cronies at Goldman Sachs LINK
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BLOOMBERG NEWS: Paulson Plan To Mostly Benefit His Old Cronies at Goldman Sachs LINK
Paulson Debt Plan May Benefit Mostly Goldman, Morgan
Sept. 22 (Bloomberg) -- Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion U.S. plan to buy assets from financial companies while many banks see limited aid, according to Bank of America Corp.
Sept. 22 (Bloomberg) -- Goldman Sachs Group Inc. and Morgan Stanley may be among the biggest beneficiaries of the $700 billion U.S. plan to buy assets from financial companies while many banks see limited aid, according to Bank of America Corp.
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Petition campaigns are being conducted that include the following 6 items:
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Paulson Feeling The Pressure, Time To Demand "Common Sense" LINK
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1. Public Oversight. This kind of power can never be centralized in a single individual – much less one who did not even stand for election. Any funds must be controlled by an independent entity, with consumers and workers given seats on its board. Congress should be empowered to name independent monitors and to approve all board members.
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2. Protect The Taxpayer. The Treasury bill would have taxpayers buying paper that nobody else wants at prices far above its current value. If a firm wants to auction off its toxic paper to the US Government, taxpayers should get equity in that firm equal to any amount paid in excess of the paper’s value. This will deter profitable firms from using the government as a dumpster for their toxic paper. And it will insure that if the bailout works and the firms become profitable, taxpayers, not simply bankers, benefit from the upside.
2. Protect The Taxpayer. The Treasury bill would have taxpayers buying paper that nobody else wants at prices far above its current value. If a firm wants to auction off its toxic paper to the US Government, taxpayers should get equity in that firm equal to any amount paid in excess of the paper’s value. This will deter profitable firms from using the government as a dumpster for their toxic paper. And it will insure that if the bailout works and the firms become profitable, taxpayers, not simply bankers, benefit from the upside.
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3. Curb The Casino. This crisis was caused because sensible regulations of the banking system that worked for dozens of years were dismantled or went unenforced. No bailout can go forward without requiring the necessary regulation to insure this does not happen again. Any institution which receives assistance should agree to come under a microscope going forward in terms of disclosure requirements, and it should have stringent capital requirement imposed upon it.
3. Curb The Casino. This crisis was caused because sensible regulations of the banking system that worked for dozens of years were dismantled or went unenforced. No bailout can go forward without requiring the necessary regulation to insure this does not happen again. Any institution which receives assistance should agree to come under a microscope going forward in terms of disclosure requirements, and it should have stringent capital requirement imposed upon it.
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4. Invest In The Real Economy. Ending the bankers strike is not sufficient to avoid the recession into which we have been driven. Major public investment for investment in new energy and conservation, rebuilding schools and infrastructure, extending unemployment and food stamps, helping states avoid crippling cuts in police and health services – is vital to get the real economy moving and put people back to work. No bailout should proceed without being linked to support for a major public investment plan to get the economy going.
4. Invest In The Real Economy. Ending the bankers strike is not sufficient to avoid the recession into which we have been driven. Major public investment for investment in new energy and conservation, rebuilding schools and infrastructure, extending unemployment and food stamps, helping states avoid crippling cuts in police and health services – is vital to get the real economy moving and put people back to work. No bailout should proceed without being linked to support for a major public investment plan to get the economy going.
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5. Hold CEOs and Boards of Directors Accountable. Wall Street CEOs shouldn’t be pocketing millions while taxpayers are forced to bail them out. Any firm that applies for relief must agree to cancel all stock option programs and CEOs should have stringent limits placed on their compensation until the Company has repaid all taxpayer assistance.
5. Hold CEOs and Boards of Directors Accountable. Wall Street CEOs shouldn’t be pocketing millions while taxpayers are forced to bail them out. Any firm that applies for relief must agree to cancel all stock option programs and CEOs should have stringent limits placed on their compensation until the Company has repaid all taxpayer assistance.
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6. Aid The Victims, Not Just The Predators. Both bankers and home owners made foolish bets that home prices would keep rising. Many homeowners, however, were misled by predatory lenders into taking mortgages that they didn’t understand and couldn’t afford. It would be simply obscene to help the predators and not those that they preyed upon. No bail out of the banks should take place without measures to help people in trouble stay in their homes. Explicit provisions should ensure use of the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for ordinary Americans. Where workouts are not feasible, people should be allowed to stay in their homes as renters.
Urgent: Stop The $700B Blank Check!
6. Aid The Victims, Not Just The Predators. Both bankers and home owners made foolish bets that home prices would keep rising. Many homeowners, however, were misled by predatory lenders into taking mortgages that they didn’t understand and couldn’t afford. It would be simply obscene to help the predators and not those that they preyed upon. No bail out of the banks should take place without measures to help people in trouble stay in their homes. Explicit provisions should ensure use of the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for ordinary Americans. Where workouts are not feasible, people should be allowed to stay in their homes as renters.
Urgent: Stop The $700B Blank Check!
Please support these email campaigns and if possible, call your elected officials and urge that time be taken to ensure that this is fully considered.
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