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Text size [+][-]  Thursday March 18 2010GLOBAL EDITION

Considered view
21 Sep 2008 16:50

Gift for bankers

Context News

US Treasury secretary Hank Paulson, backed by US president George W. Bush, presented Congress with a brief outline of proposed legislation authorizing him to spend $700bn buying mortgage-related debt from troubled financial institutions to stabilize the financial system.


 

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The Treasury boss wants $700bn of taxpayers’ money for “fixing” the financial system, with little accountability. As proposed, it looks like the Patriot Act for Wall Street. Legislators should ask questions - and impose checks and balances – now.

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More stories by:  Richard Beales






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