It's $700 billion dollars of taxpayer money.
Treasury officials are going to hire "professionals" to oversee HUGE portfolios of bonds and other securities. The "professionals" are the folks who are partly responsible for getting us into this mess in the first place.
Said "professionals" are going to be paid a management fee.
The management fee will likely be lower than the industry standard of 1 percent. (Read: $7,000,000,000.00.)
Some prominent asset managers have offered their services for free (e.g., William H. Gross, the managing director of Pimco), but I'm guessing Bush cronies will be given prime jobs with ginormous salaries.
Firms selected will have work to maximize profits for their private customers while looking out for the social good. (Who do you think will come out on the losing end of that stick?)
4 comments:
Just one, final way Bushie makes his friends even stinkier rich.
Sickening what the costs of his administration have been.
I'm not crazy about the bailout either. Doesn't really make sense to me - though we haven't (and wouldn't really) feel the effects of this financial crisis.
wow. seeing all those zeros really brings it home. crikey.
R-rated [language] comic comment on the subject:
http://tinyurl.com/43fs7x
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