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Goldman, Morgan Stanley Convert; AIG CEO Forfeits $22M Severance
National News • September 22, 2008
Goldman Sachs and Morgan Stanley sought shelter with the Federal Reserve to survive a financial storm that destroyed their rivals as Wall Street braced for a week of political wrangling over a ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: RE: RE: Something I don't understand... | Dustin | Sep 24, 2008, 6:55 am |
| RE: RE: Something I don't understand... | Anon | Sep 23, 2008, 4:25 pm |
| RE: Something I don't understand... | Dustin | Sep 23, 2008, 12:58 pm |
| Something I don't understand... | Anon | Sep 23, 2008, 8:00 am |
| Prepare to Puke | Dread | Sep 23, 2008, 7:57 am |
| Plenty of blame to go around... | Sanity... | Sep 22, 2008, 6:39 pm |
| RE: Does anyone else... | YOUSE GUYS | Sep 22, 2008, 12:25 pm |
| Does anyone else... | Matt | Sep 22, 2008, 8:24 am |
| Back to article | ||
Subject: Does anyone else...
I encourage all readers of this site to find and read the current text of the proposed bill to go through Congress. The Secretary of Treasury makes all decisions, sets all terms and prices, and his judgement is rendered in secret and cannot be reviewed by any agency or by any court of law.
He would be permitted to hold, AT ANY ONE TIME, $700 billion of mortgage-backed securities (i.e. mortgage derivatives). Which means he can buy, sell, buy, sell, buy, sell, as much as he wants (but, right now, only $700b at one time), with no right to oversight by anyone or any court.
These are the VERY SAME PEOPLE who thought they were smarter than everyone else, and they are the very same people who got us into this mess in the first place.