it’s worth focusing on these details

from William J Cox, Global Research

[…] Entrusting tremendous political and financial power (and a ton of borrowed money that taxpayers will have to repay with interest) into Paulson’s sole discretion, members of Congress must have been aware that, prior to his cabinet appointment in 2006, Paulson worked for 32 years at Goldman Sachs, one of the Wall Street firms that stands to benefit greatly from his “actions.” Paulson, who cashed out his Goldman stock valued at $575m to become the Secretary of Treasury (without having to pay any taxes on the sale), earned more than $53m in pocket change during just his last two years at Goldman Sachs for innovations such as a new line of “Mortgage Backed Securities.” Gambling more than $1000b on risky subprime second mortgages, Paulson cleverly converted them into AAA-rated “secure” investments by purchasing guarantees from the American International Group. AIG, coincidentally, was just “bailed out” two weeks ago by Secretary Paulson for $85b (of borrowed money that taxpayers will have to repay with interest), averting a devastating loss by Goldman Sachs, who was holding more than $20b in otherwise worthless second mortgages. Is it surprising that Lloyd Blankfein, Goldman’s current CEO, was present with Paulson when the decision was made to bailout AIG? The bailout’s $700b price tag is only an arbitrary guess by Paulson and is most likely just the first installment of many more to come. Other economists, with more successful track records, believe the total will be much greater, perhaps $5000b, as concealed losses are uncovered and foreign companies dump their toxic investment waste into their American offices.

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