The View from Here
Companies start competing for bailout money. Why would we accept solutions from the very people who have blundered in our financial systems.?
By MARTIN CRUTSINGER
(AP) U.S. Secretary of the Treasury Henry Paulson Jr., speaks during the National Committee on...
WASHINGTON (AP) - The bailout is now the hottest lobbying game in town.
Insurers, automakers and American subsidiaries of foreign banks all want the Treasury Department to cut them a piece of the largest government rescue in U.S. history.
Lobbying efforts are intensifying.
The article from the AP goes on to elaborate on who and how the financial pie will be divided amongst large investment entities, mortgage companies, automakers, securities companies,and even foreign subsidaries of American Companies. There is even a group called "The Financial Roundtable" involved in the process
The Financial Services Roundtable wrote Treasury officials on Friday requesting that the initiative to buy $250 billion in bank stock grow to cover insurers, auto companies, securities dealers and U.S. subsidiaries of foreign companies, including banks. The Treasury's plan is intended to bolster banks' tattered balance sheets and get them to resume making loans.
Who are these people, running (or should I say, ruining) our financial system(s)??
Member Companies: Roundtable Membership includes the following institutions:
Roundtable membership consists of 100 select companies including Wells Fargo, J. P. Morgan Chase, State Farm, Fidelity Investments, Wachovia, Citigroup, Ford Motor Credit, and Edward Jones
AS YOU CAN SEE THE FOXES ARE GUARDING THE HEN HOUSE.
Saving these 'venerable financial institutions will just compound and prolong the agony....They should be replaced and/or the monies given to the people to reinvest in entitites that are moral, ethical, and make sense.