Monday, December 29, 2008

Former FDIC chair, now advising Paulson, is looking to profit from bailout.

TPM:

The New York Times reports that several former government officials who helped organize the savings and loan bailout of the early 1990s are now putting that expertise to use by working as lawyers or lobbyists helping banks get a piece of the financial bailout -- or even by investing in some of the bad assets to be offered for sale.

Some of these former federal officials, like L. William Seidman, the first chairman of the R.T.C., are serving as advisers -- sharing ideas with Treasury Secretary Henry M. Paulson Jr. and the transition team for President-elect Barack Obama -- even while they are separately directing investors or banks on how to best profit from this advice.

"It is an enormous market," said Mr. Seidman, who has already joined two such potential money-making efforts and is evaluating proposals to participate in a third. "I am enjoying this."

1 comment:

airJackie said...

How stupid does Americans look to the World. Hank Paulson is the US Treasury and got 700 billion dollars in bailout that's gone with not accountablity. After Hank got told off by the Chineses for being stupid they kicked him out. Now Hank has hired an adviser to tell him what to do with the next billions Hank will request from the Law Makers. A sign should read would you buy a used car from this man Hank Paulson. This also shows how little the American people have in trust and honesty from their Law Makers and the White House.
After Hank was appointed by Bush I googled his history. Hank isn't qualified to handle Kindergardeners milk money. Yet all the Law Makers elected to protect the American people allowed had to take charge. Speaker Pelosi and Harry Reid got kick backs to go alone with the crimes. Now wonder we're broke and I wonder how much Hank is giving his adviser to tell him what to do. Gonzo had Rove/Cheney doing his job and Connie Rice was only the messager for Dick Cheney.