2008-10-03

Plan Paulson: dinero de contribuyentes para inversionistas internacionales


Plan Paulson: dinero de contribuyentes para inversionistas internacionales


El representante a la Cámara, Brad Sherman explica que el dinero que se apruebe bajo el Plan Paulson también beneficiará a bancos extranjeros. En una entrevista con Larry Kudlow, el representante comentó que el Banco de Shanghai puede mover activos tóxicos a su sucursal en Los Angeles y al otro día venderlos al Tesoro de EEUU.
Rep. Brad Sherman, D California

Larry I am glad you have a few seconds to talk to someone who voted against this bill. I am not changing my mind. I want to thank my colleagues who stood up to the purveyors of panic and voted against a very bad bill and voted with 400 eminent economists including three Nobel laureates who wrote to us and said don't panic, don't act hastily, hold hearings, work carefully. The fact is Larry if you read this bill, even you would have voted against it.

It provides hundreds of billions of dollars of bailouts to foreign investors. It provides no real control of Paulson's power. There is a critique board but not really a board that can step in and change what he does. It's a $700 billion program run by a part-time temporary employee and there is no limit on million dollar a month salaries.

Larry Kudlow:

Let me just ask you one question. I think you are referring to foreign banks headquartered in the United States. I do not see how foreign investors get bailed out.

Rep. Brad Sherman:

Larry you have to read the bill. It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.

The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday.
Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury.

Hundreds of billions of dollars are going to bail out foreign investors. They know it, they demanded it and the bill has been carefully written to make sure that can happen.

Tomado a Mish's Global Economic Trend Analysis


El texto del proyecto aprobado en el Senado

World Tribune: "Senate package would bail out major foreign investors, including China"

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