Sep

24

Here’s $700 Billion and I don’t care what you do with it

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That’s what we’re telling Paulson if this bail out goes forward.

Section 8, no pun intended, gives Paulson ultimate authority over that wad of cash, with no questions asked.

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.

Here’s another perspective.

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Sep

24

Cap on executive pay

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Paulson recently commented that some companies wouldn’t take part in the bail out if salaries were tapped. Let me get this straight. Paulson is saying that if company executives don’t receive their $50 million severance package they might not request help from the government, and that’s a bad thing.

So these guys will let the company fail rather than spending taxpayer money to save it? Sounds reasonable.

Let them fail.

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Sep

24

New e-mail hoax

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Forget Nigeria, this one’s even better.

Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
The new e-mail hoax:
I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.
I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s.
This transaction is 100% safe.
This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.
Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.
Yours Faithfully Minister of Treasury Paulson

Thanks Alan

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