Whenever a historical review is made certain years attract attention because of the decisive events with which they are associated. The years 1914, 1929, 1933, 1939 and in more recent times 1956 and 1989 are some that come to mind. The year 2008 is destined to join this group.
Jan 02 2009
Oct 07 2008
There are a couple of stories regarding the $700 billion bailout today that really should raise the eyebrows of Americans who have lived through and witnessed the Bush years. Especially taking into consideration the over-reliance on private contractors, financial mismanagement, and loose accounting practices in Iraq and elsewhere with taxpayer money that have been a hallmarks of the Bush administration.
The NY Times reports Treasury sets timetable to pick managers. “The Treasury Department put its $700 billion bailout on a fast track on Monday, asking companies to submit bids for running the system by Wednesday and announcing its plan to select winners on Friday.”
Yes, the Treasure Department will take only one day to review bids before awarding contracts. Hey, at least Treasury Secretary Henry Paulson didn’t just announce no-bid award to, say, Paulson’s old company, Goldman Sachs. See if this sounds familiar
Administration officials plan to outsource almost the entire project, which will largely rely on “reverse auctions” in which the government accepts bids from financial institutions that want to sell their troubled assets.
The Treasury said it intended to hire one company as a “financial agent” to set up the basic system, which would include running the auctions, keeping track of the various portfolios and overseeing all the operational issues.