Sunday, September 21, 2008

Hank Paulson And His Cronies Are Attempting To Walk Off With Society's Wealth As Part Of This Bailout

"If we design it so it's punitive and institutions aren't going to participate, this won't work the way we need it to work," Paulson said. "Let's talk executive salaries: There have been excesses there. I agree with the American people. Pay should be for performance, not for failure. We've got work to do in that regard. We need to do that work. But we need this system to work. And so reforms need to come afterwards. -- Hank Paulson today

I really despise class warfare politics but I can't help but believe those who benefited from this mess are indeed engaging in class warfare for their own benefit. From the above statements it is clear Hank and his complicit cronies on Wall Street want to rob the people blind, then after we bail them out and they walk off with tens of billions of society's money gotten by creating this mess, we worry about any reforms to those left to clean up the mess while those complicit head for the beach.

How many people know that under a little known piece of law that is meant to encourage our brilliant business leaders to become public servants that Happy Hank was able to cash out about $500 million from Goldman Sachs without paying taxes when he agreed to become Treasury Secretary? That money was granted for his complicity in creating modern finance and society never received any benefit. Is society really going to let Paulson rob it blind under this plan or are they going to demand accountability to the people? To instead adopt a plan similar to Schumer's.
posted by TimingLogic at 4:21 PM