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alstry (35.35)

Didn't Paulson Create this Crisis????

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September 22, 2008 – Comments (8)

Last year, Goldman Sachs paid out $11.7bn (£6.7bn) to its 22,425 employees - around 3,000 of whom are in London.

Hank Paulson, the chairman and chief executive, was paid $38m in salary, shares and options - a 21 per cent increase on 2004. An average figure per staff member of $521,000 bursts through a barrier not even breached during the dot-com boom in 1999 and 2000.

http://www.independent.co.uk/news/business/news/521000-the-average-pay-of-goldman-sachs-employees-173-and-that-includes-secretaries-466273.html

When Paulson got his windfall in 2006....a material part of Goldman's profits was due directly from the sale of Toxic Debt to the public and institutions.  It is this same toxic debt that Paulson is now forcing taxpayers to purchase.  Paulson also says that we must pass this legislation giving Goldman Billions very quickly due to the severe toxicity of the debt and the castastrophic impact in can have on our economy.  You think he didn't know this when he was selling the crap????

In the Amerika, Paulson gets huge bonuses for selling toxic debt and is able to convince our politicians to force tax payers to spend hundreds of billions buying it back.  Would you force you child to consume toxic drugs?

In the United States of America, we imprison people for selling toxic drugs and confiscate any money or property obtained as a direct result of the proceeds from selling those toxic drugs.

Toxic drugs can destroy a society.....so can toxic debt.  Just like a drug dealer, should Paulson and every other executive of any firm that was responsible for the manufacture and sale of toxic debt disgorge all bonuses back to the country to help fund Paulson's "rescue" package?

Is there much difference between toxic debt and toxic drugs???  Shouldn't Paulson take responsiblity for the crisis he helped create???  If this ain't the Fox guarding the Henhouse....I  am not sure what qualifies????

8 Comments – Post Your Own

#1) On September 22, 2008 at 12:16 AM, Imperial1964 (98.26) wrote:

Direct from the proposal:

" Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Now, how does that make you feel?

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#2) On September 22, 2008 at 1:51 AM, ajm101 (31.90) wrote:

Sure, but none of this would have been possible without deregulation from Washington.  McCain chief economic advisor helped take care of that end.

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#3) On September 22, 2008 at 2:33 AM, DemonDoug (72.18) wrote:

A provision like that in the proposal would be grounds to strike down the entire act, as it is completely unconstitutional, and I would not be surprised if a bunch of libertarian leaning lawyers were already preparing briefs to sue the USA because of that provision.

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#4) On September 22, 2008 at 2:36 AM, DemonDoug (72.18) wrote:

the only question i have with all this is...

who are the 19% of people who actually approve of congress' job nowadays?

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#5) On September 22, 2008 at 2:37 AM, cbwang888 (25.98) wrote:

Who killed BSC and LEH? It is GS and its gang.

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#6) On September 22, 2008 at 3:35 AM, AnomaLee (28.62) wrote:

the only question i have with all this is...

who are the 19% of people who actually approve of congress' job nowadays?

LOL!!! I should hang that on a wall...

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#7) On September 22, 2008 at 9:42 AM, Terok1313 (30.85) wrote:

DD - Congressional aides and close relatives.

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#8) On September 22, 2008 at 7:21 PM, pjani06 (29.09) wrote:

Devoish,

Thanks for this crucial info & hitting on some key questions.  I've enjoyed following you and today, I was brought out of apathy to post my first blog post - hitting on the financial system crisis.  check it, think about it, & discuss/circulate the ideas.

Here's the link:

http://caps.fool.com/Blogs/ViewPost.aspx?bpid=89802&t=01005302674505139157

Thanks.  Report this comment

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