Paulson's Scam.

An interesting photo From badbilladams9

I personally think the bailout is a scam. Paulson, former CEO of Goldman Sachs, after the elections, goes back to work in the industry he is now bailing out. He personally knows near to nothing about the lives of the majority of Americans.

From WiKi the easy facts.

"He worked for the administration of U.S. President Richard Nixon, serving as assistant to John Ehrlichman from 1972 to 1973."

"He joined Goldman Sachs in 1974, working in the firm's Chicago office. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998; eventually succeeding Jon Corzine as its chief executive. His compensation package, according to reports, was US$37 million in 2005, and US$16.4 million projected for 2006. His net worth has been estimated at over US$700 million. Paulson has personally built close relations with China during his career. In July 2008 it was reported by The Daily Telegraph that: "Treasury Secretary Hank Paulson has intimate relations with the Chinese elite, dating from his days at Goldman Sachs when he visited the country more than 70 times."

To make a point on how disingenuous Paulson is.

"Paulson has quickly distinguished himself from his two predecessors in the Bush administration by formally identifying the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury."

The Christian Science Monitor August 3, 2006 New Treasury head eyes rising inequality. Retrieved August 3, 2006.

Theres more that indicates Paulson is a fraud.

"In Spring 2007, Secretaty Paulson told an audience at the Shanghai Futures Exchange that "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention." "

"China Shuns Paulson's Free Market Push as Meltdown Burns U.S.", Bloomberg.com (2008-09-24). Retrieved on 2008-09-25.

"In August 2007, Secretary Paulson explained that U.S. subprime mortgage fallout remained largely contained due to the strongest global economy in decades."

Lawder, David (August 1, 2007), "Paulson sees subprime woes contained", The Boston Globe

"On July 20, 2008, after the failure of Indymac Bank, Paulson reassured the public by saying, “it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.” "

"Treasury Secretary Insists Banks Are Safe", CBS News (2008-07-20). Retrieved on 2008-09-23.

"On August 10, 2008, Secretary Paulson told NBC’s Meet the Press that he had no plans to inject any capital into Fannie Mae or Freddie Mac. On September 7, 2008, both Fannie Mae and Freddie Mac went into conservatorship."

Brinsley, John (August 10, 2008). "Paulson Says No Plans to Add Cash to Fannie, Freddie", Bloomsberg Worldwide. Retrieved on 2008-09-23. Lockhart, James B., III 2008-09-07).

"Statement of FHFA Director James B. Lockhart", Federal Housing Finance Agency. Retrieved on 2008-09-23.


So here is a article from AlterNet that explains a few interesting items about Paulson's Bailout.

The Fiscally Insane Bailout Bill Might Not Pass -- Here's 5 Reasons It Shouldn't

By David Sirota, Blog for Our Future. Posted September 29, 2008.

There was news Sunday afternoon of a congressional deal to bailout Wall Street fat cats with $700 billion of taxpayer cash (you can read the draft legislation here). Though the deal negotiated between congressional leaders and the White House is better than what Treasury Secretary Henry Paulson originally proposed early last week, it remains an insulting atrocity, having omitted even basic aid to homeowners, bankruptcy reforms and any modicum of future financial industry regulation. Now, the New York Times reports that the Democratic leadership may not have the votes to pass this bailout. So without further ado, here are the top 5 reasons (in no order) why every single member of Congress -- Democrat and Republican -- should vote this sucker down.

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