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GreenScam: How Tax Favored Foundations Get Taxpayers to Bend Over
The original TARP plan might have taken more time, as PPIP Public Private Investment Partnership demonstrated.
More to the point, few other than Warren Buffett and Alan Greenspan backed it.
Mr Buffett stated he could put in $10 Billion equity if he got $90 Billion non-recourse debt. From whom? Taxpayers?
Leveraged Buyout investor Carl Icahn described the bailout as crazy….[100]
Nobel Laureate Economist Paul Krugman called TARP a hidden subsidy.
Bank Analyst Meredith Whitney noted Banks were reluctant to sell toxic assets and take writedowns.
Wilbur Ross stated The reason the assets haven’t changed hands is they haven’t been properly marked…
Government further delayed that by allowing banks to avoid the discipline of marking assets to market.
http://www.thedeal.com/dealscape/2009/02/wilbur_ross_lukewarm_on_revamp/print/
Quantum Fund founder George Soros said The proposal is also rife with latent conflict of interest issues. Unless the Treasury overpays for the securities, the scheme would not bring relief. [101]
Former Quantum Fund Partner Jim Rogers called the plan astonishing, devastating, and very harmful for America.[102]
William Seidman, head of Resolution Trust Corporation, which saved Saving and Loans in the 1980s said, What we did, we took over the bank, nationalized it, fired the management, took out the bad assets and put a good bank back in the system.[105]
In the case of RTC, taxpayers paid 85% of the bill, while government subsidized private speculators sometimes hit the lottery. The 1984 bailout of Continental Illinois, now owned by Bank of America, cost Taxpayers a billion dollars. They did not get their money back, a point often obscured or forgotten by government monopoly media in favour of TARP.
May 26th, 2010 at 2:40 pm
A theory like this one seems impossible to fathom. Is the government doing whatever is necessary to maintain calm among the population after these speculations aboutthe end of the world? If this theory is accurate, we wonder who the people who are on the list will be.