Tuesday, November 04, 2008

Paulson's Got Some Explaining To Do....


CJR looks behind the claims that Goldman Sachs didn't benefit from the AIG bailout, and finds that's not actually the truth. And it gets worse:
The AIG bailout, it is now apparent, is basically a pass-through from taxpayers to the counterparties. It is clear the tax money is barely stopping at AIG for a cup of coffee.

Even AIG’s former chief Hank Greenberg, not exactly Ralph Nader, says the bailout is going straight to Wall Street banks on the worst terms.

* * *

Can the U.S. get a better deal? I have no idea.

But what strikes me as utterly unacceptable—a true scandal—is that the recipients of U.S. taxpayer funds in the AIG bailout are not even disclosed. We pay them, and we don’t even get to know who they are? Has this ever happened before?
This is disgraceful, and something Congress should remedy.

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