Can't They At Least Try to Hide the Corruption Around the Bailout?

by: Matt Stoller

Sun Oct 19, 2008 at 22:06



Despite promising an "open and transparent program with appropriate oversight', Neel Kashkari's Treasury Department program has blacked out the compensation section of its contract with Bank of New York Mellon.

This follows an earlier blackout of the contract rate for its deal with a high powered law firm.  One of the little noticed parts of the bailout is that the legislation allows Kashkari to sidestep standard Federal government hiring procedures.  As Robert Dugger says, "This bill does not provide the institutional infrastructure to manage $700 billion in distressed assets."  That was only one out of many reasons to oppose this deal, but it alone

No one could have predicted a Bush administration official would ask for enormous power, Congressional Democrats would grant it, and the administration would use that power unwisely and with enormous secrecy.  The election can't come soon enough.

Matt Stoller :: Can't They At Least Try to Hide the Corruption Around the Bailout?
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Pffftt! Trying to hide stuff (0.00 / 0)
is only for losers who don't have the media in their pockets.

Oh, come on Matt, Obama did not expect Bush to play fair did he...? (0.00 / 0)
We all knew giving 700 Billion dollars to Bush to spend was not about helping America, but about stealing another $700 Billion for the very rich friends of Cheney / Bush on the away out the door.

That is why the progressive left was against this bailout. We know they are lying cheating stealing bastards who have corrupted the entire process.

We expected it, and should have just said no, but they scared the dems in congress once again, and this is the price we had to pay to get Obama elected.

Yes, it sucks to be suckered again. Are you really surprised? And what can be done about it?


Yeah, let the economy go to hell (0.00 / 0)
in order to prevent the rethuglicans from sidelining moneys to their cronies. Great plan. As if you want to prevent your neighbor from stealing some apples by burning down the whole tree. Well, it seems this makes sense to some "progressives".

No way, no how, no McCain!

[ Parent ]
Gray, I think we are on the same track here (0.00 / 0)
We can't do jack until we elect Obama.

But it still sucks, and Matt is right to at least identify and document that they are again stealing money direct from treasury and the bailout to line the pockets of their rich friends.

I hope we can jail these bastards after the fact, including Paulson and Bush


[ Parent ]
Exactly! We have to clinch our teeth and get through the last months (0.00 / 0)
And, sure, simply letting the atrocities happen without even documenting them would be nonsense, too. It's just that after eight years I have no energy left to be wasted in a useless rage about Bush and his crooks.
:-|

No way, no how, no McCain!

[ Parent ]
uh, clEnch our teeth, of course (0.00 / 0)
The thesaurus regions of my brain are a miess. Thank god for online thesaurusses...  

No way, no how, no McCain!

[ Parent ]
Oh, by the way, maybe we should just jail the bastards after (0.00 / 0)
Jan 21st. Yeah, thats the ticket!!

The Bush gang always do what they want, laws be damned (0.00 / 0)
So, where's the surprise here? There is no way any bill put into law right now could reign them in. Firstly, Bush simply adds his own interpretation when he signs, and much too often, this totally distorts the intentions of the lawmakers. And secondly, there's no accountability in his administration anyway, his crooks do what they want and Congress can't do anything against it. This will only change under an Obama administration (or, at least we hope it will). So, it's not much use lamenting this right now.

No way, no how, no McCain!

The Sideshow picked up on a UK article that nails the details (0.00 / 0)
Wall Street banks in $70bn staff payout

Pay and bonus deals equivalent to 10% of US government bail-out package

Having laid out the thrust of the story very plainly in the headline and sub-head, the paper then detailed the way that the Bush-Obama bailout (the most apt moniker for a scheme devised by the top echelons of the bipartisan elite) is yet another inside job by the Beltway bandits who move in and out of the revolving door between "public service" and vast feeding troughs of Cronytopia.

Article at http://www.guardian.co.uk/busi...


The Right will rue the day (0.00 / 0)
they gave the Executive a 700 billion dollar credit card.

We must hope that we all don't rue it.


hope is not a plan (4.00 / 1)
though it is audacious

[ Parent ]
Redacted!?!?!?! (0.00 / 0)
What??? Is this... like... National security at stake or something?  

Well, they are <i>trying</i>... (0.00 / 0)
After all, they did black the numbers out.  The problem is that covering them up just draws attention to the fact that they were there and they would be embarrassing if we knew what they were.

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