Mother F'er... foreign banks being covered by the bailout too

[Aggie Hoopsfan]

http://www.politico.com/news/stories/0908/13690.html


In a change from the original proposal sent to Capitol Hill, foreign-based banks with big U.S. operations could qualify for the Treasury Department’s mortgage bailout, according to the fine print of an administration statement Saturday night.

The theory, according to a participant in the negotiations, is that if the goal is to solve a liquidity crisis, it makes no sense to exclude banks that do a lot of lending in the United States.

Treasury Secretary Henry Paulson confirmed the change on ABC's "This Week," telling George Stephanopoulos that coverage of foreign-based banks is "a distinction without a difference to the American people."

"If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution," Paulson said.

Time to stock up on gold, guns, and ammo....

[Anti.Hero]

Nwo

[SnakeBoy]

Time to stock up on gold, guns, and ammo....

I've been kind of thinking the same thing. Anyone have any assault rifle recommendations?

[boutons_]

From my fascism post:

"A.I.G.’s financial statements provided a clue to the identities of some of its credit default swap counterparties. The company said that almost three-quarters of the $441 billion it had written on soured mortgage securities was bought by European banks. The banks bought the insurance to reduce the amounts of capital they were required by regulators to set aside to cover future losses.

Enjoy the absurdity: Billions in unregulated derivatives that were about to take down the insurance company that sold them were bought by banks to get around their regulatory capital requirements intended to rein in risk."

The Americans suckered in the entire world in their flogging of shit debt paper.

[ChuckD]

Is there really such a thing as an "American bank", or even an "American company" any more?

[ChumpDumper]

Fear itself.

You guys are great with the hyperbole.

[Shastafarian]

Is there really such a thing as an "American bank", or even an "American company" any more?

Halliburton? Blackwater?

[MannyIsGod]

Yeah this is beginning to be too much. This plan is shit.

[ChuckD]

Halliburton? Blackwater?

Haliburton can't EVEN be considered by any stretch to be American anymore. They don't even go through the pretense of having their headquarters here these days, having moved it to Dubai, UAE in 2007.

I'm thinking of companies that have their headquarters here, have 50% of their manufacturing (or assets/money if financial in nature), and have 50% of their employees (company or temp) here. I'm guessing out of the large corporations, the list would be damn short.

[MannyIsGod]

Fear itself.

You guys are great with the hyperbole.

Hows the sand there? Bothering your head at all?

[ChumpDumper]

Hows the sand there? Bothering your head at all?It's filled with ammunition :rolleyes

[cool hand]

Fuck this government, time to revolt.

[smeagol]

Time to stock up on gold, guns, and ammo....

Yes, let's save only the American banks, such as Citibank.

Oh . . . wait . . . Citibank's largest shareholder is an Arab prince.

Ooops . . . there goes that theory . . .

[DarrinS]

Obama will save us!


YAY!

[ChumpDumper]

Obama will save us!


YAY!So why did you say that in a thread that had, to that point, no metntion of Obama whatsoever?

[DarkReign]

So why did you say that in a thread that had, to that point, no metntion of Obama whatsoever?

...because hes a partisan hack?