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posted 9/25/2008 11:01:42 PM |
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• Paulson Plan Aimed at Helping `Poorly Run' Banks, Allison Says
9:55 pm Thurs. 9/25

http://www.bloomberg.com/apps/news?pid=20601109&sid=afxCLBycUdbc&refer=exclusive

By David Mildenberg

Sept. 25 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson's proposed $700 billion bank rescue
aims to help ``poorly run'' companies and the primary beneficiaries would be Goldman Sachs Group Inc. and Morgan Stanley,
said BB&T Corp. Chief Executive Officer John Allison in a critique of the plan.
=======================================================================

• Paulson bio on US Treasury website
http://www.ustreas.gov/organization/bios/paulson-e.html

“Before coming to Treasury, Paulson was Chairman and Chief Executive Officer of Goldman Sachs
since the firm’s initial public offering in 1999. He joined Goldman Sachs Chicago Office in 1974
and rose through the ranks holding several positions including, Managing Partner of the firm’s Chicago office,
Co-head of the firm's investment Banking Division, President and Chief Operating Officer, and Co-Senior partner.”

From 1970 to 1974, before joining Goldman, Paulson worked in the Nixon Administration


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Comments:

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sundance64

Sep 26 @ 12:06AM  
Didn't I just see a news clip that Morgan Stanely is being bought by Wachovia? Seems kinda shady that this is one of the companies benefiting from the "rescue".

and Beefy...no one says you have to read it.
slohand_47

Sep 26 @ 12:22AM  
The BIG question in all this is.......... at what level will the Gov pay for these securities? The original face value...... the current depressed value..... or some point in between to be determined??
The first is too generous.
The second, the companies would still incur a large loss....... but it would it least generat cash flow for them, and when/if the economy comes around, the (now) gov owned securities would be worth more...... and actually generate a profit for once.
Negotiating the third could really open the process up to bribery & corruption.

Another question is...... will the Democrats let GW pull off ANY sort of plan...... or will they stonewall until November....... figuring that the worse things get, the more likely people are to vote Democratic..... and never mind arriving at some sort of plan NOW is in the best interest of the country......
samclaunts

Sep 26 @ 7:50AM  
put money in shoe box under bed
or party like hell with it
sundance64

Sep 26 @ 11:20AM  
I stand corrected...Morgan Stanely is buying Wachovia. Which to me seems even more shady...since I saw this on CNN just a few days before the legislation was approved for the bail out...not even a story just a small ticker blurb.

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