the assault on the taxpayer continues! (loans, credit, purchase, companies)

[floridasandy]

The administration will invest about $125 billion in nine of the biggest U.S. banks, including Citigroup Inc. and Goldman Sachs Group Inc., the latest step in a global drive to shore up confidence in the financial system.

The proposed cash injections in exchange for preferred shares are part of a $700 billion rescue approved by Congress and follow similar moves by European leaders to unfreeze credit markets by helping beleaguered banks. The other companies are Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & Co., Morgan Stanley, State Street Corp. and Bank of New York Mellon Corp., said people briefed on the plan.

``They've decided they need to do something drastic and this is drastic,'' said Gerard Cassidy, a bank analyst at RBC Capital Markets in Portland, Maine.

The purchases represent a new approach for Treasury Secretary Henry Paulson, who first promoted a bailout targeted at illiquid mortgage-related assets. The urgency for a more immediate infusion has grown as banks struggled to regain the confidence of investors, counterparties and clients after bad loans caused more than $635 billion of writedowns across the industry. Paulson will discuss his plan at a press conference at 8:30 a.m. today in Washington.

between bush and the democratic congress, we have seen an unprecendented transfer of taxpayer money into institutions that have direct ties to our treasury secretary (paulson, ex ceo of goldman sachs) and directly related to huge donations to democratic political coffers. why isn't there an investigation into all of this?!

[jimmyP]

Any wonder why Goldman registered as a commercial bank a few weeks ago. Pigs at the trough. And the ultimate insider in Paulson

[davidt1]

It looks like only a limited number of banks, the big banks, get the lion share of the money. Interesting! We were told the whole financial industry was in crisis. Either many more banks will get your tax money, or the "we are in a crisis" whine was just a cover up for the bailout of some well-connected banks.

http://www.marketwatch.com/news/stor...-4D9759A90DF9}

[Huckleberry3911948]

we are about to be taxed right out of our socks.