Катя (inostranka) wrote,

The Bailout

Для тех, кто удивлялся, почему я против bailout ;))
Потому, что мне было очевидно, что закончится (а точнее, начнется) вот этим:
Потому, что никакого oversight or regulation в этом законопроекте не предусматривалось, и возможности для abuse были уж слишком большие, учитывая возможные прибыля.

Выдержки (но обязательно надо читать все):
WASHINGTON (AP) — First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.

Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.
Treasury Secretary Henry Paulson diverted $250 billion to buy stock in healthy banks to spur lending. Bank executives hinted they might instead use it for acquisitions. Sure enough, the government confirmed that PNC Financial Services Group Inc. was approved to receive $7.7 billion in return for company stock. At the same time, PNC said it was acquiring National City Corp. for $5.58 billion.
On the same day it hired Mellon, the Treasury also picked the company to receive a $3 billion investment as part of the capital-infusion program. The same bank hired to help manage part of the economic rescue plan became a beneficiary of it.
Tags: finance
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