I promise I won't keep posting about this, but here's your daily heapin' helpin' of Angry Flakes:
- Big Financiers Start Lobbying for Wider Aid: Even as policy makers worked on details of a $700 billion bailout of the financial industry, Wall Street began looking for ways to profit from it.
- "Bailout Plan Talks Advance in Congress": Representative Henry A. Waxman, Democrat of California who leads the Oversight and Government Reform Committee, said: “The taxpayer is being asked to risk billions to protect the bonuses of investment bankers.”
- Your Money at Work, Fixing Others' Mistakes: So what’s a fair price that we TARPistas should pay for the assets? If we bought at 60 cents, a price that the bank would argue is appropriate, we would most likely face a loss. The bank, however, would be much better off than if it had to dump at 30 cents. . . . Do you think, perchance, that financial services lobbyists might be working their Hill contacts right this very minute to ensure that the TARP valuations are rigged in their favor? . . . Such is our lot today: They break it. We own it.
- from the Washington Post: Socialism, you say? We're already into that. The administration's plan amounts to socialism for the rich only. And as Reed explained in an interview, his proposal is actually more in keeping with capitalism than a pure bailout. "If taxpayers take risks, they should be able to reap some of the rewards," he said. Frank is trying to get this provision into the final bill.
- More Washington Post: Treasury Secretary Hank Paulson made the rounds of the talk shows on Sunday, pleading for financial executives to be allowed to keep their multimillion-dollar compensation packages even if their companies need to be rescued by the $700 billion federal bailout.
"If we design it so it's punitive and so institutions aren't going to participate, this won't work the way we need it to work," Paulson, whose net worth is said to be north of $600 million, told Chris Wallace on "Fox News Sunday."