"The firms could be hired "through other than full and open competition," the Treasury said, due to the rush timing involved."
You mean like the NO-BID CONTRACTS Halliburton, et al, got?
Please, please watch Iraq for Sale, readers!
And about that timing: "The rescue plan, now law, was so rushed that the usual congressional scrutiny is only coming now, after the fact."
Last paragraph and only reference in today's paper:
"Treasury Secretary Henry M. Paulson Jr. yesterday named one of his former Goldman Sachs colleagues, Neel Kashkari, interim head of the newly created Office of Financial Stability, which will oversee the bailout fund"
"Hub firms may bid for bad loans" by Beth Healy, Globe Staff | October 7, 2008
The government's $700 billion bailout fund stands to attract a crowd of financial firms, including Putnam Investments, that want a shot at managing part of this giant pool of assets.
Why is Putnam getting a shot at this? Americans Pulling Money Out of Markets
Names from Putnam, a Boston mutual fund manager, to New York private equity firm Blackstone Group and the Bank of New York Mellon Corp. have surfaced as potential bidders, according to the firms and others in the business. Additional Boston money managers, including Fidelity Investments, also could express interest, according to executives following developments in the bidding.
A number of managers contacted said they won't decide whether to participate until they know more about how the program will work - and how much they might be paid.
That's what this LOOTING of the American people is ALL ABOUT!
So when you gonna EXACT VENGEANCE on these scum-sucking lotters and their MSM supporters, America?
Companies that want to bid must express their interest by tomorrow at 5 p.m.; in a second phase, the government will invite some number of those back. The firms could be hired "through other than full and open competition," the Treasury said, due to the rush timing involved.
The Treasury has 45 days to hammer out program details. Analysts say the agency will likely purchase loans through auctions, in which the government announces it will buy mortgage-based assets and companies will be able to offer their unwanted holdings for sale.
Translation: The Congress passed something they KNEW NOTHING ABOUT!!!
If that isn't FINANCIAL FASCISM, I don't know what is!
Already the government has shown it plans to move fast on various parts of its financial rescue package given the fragility of the financial markets.
Sigh: Bush: Financial rescue plan will take some time
What is with the LYING, Boston Globe?
On Friday, it named State Street Corp. of Boston and Barclays Global Investors of London to manage the mortgage debt of Fannie Mae and Freddie Mac. Those assignments are separate from the $700 billion fund. State Street declined to say whether it would bid on additional government jobs.
At one investment firm, a manager, who spoke on condition of anonymity because the firm has not decided whether to bid, said all firms have to examine the risk-reward factors at stake. It could be more lucrative, for example, to bid on assets in the market than to manage the process.
But managing the process will still net hundreds of millions in fees!!!!
Philipp A. Uhlmann, an assistant professor of finance at Bentley College, said the government will have to be careful about companies it selects and how much it will pay. "No one is really in a frame of mind where they're going to want to look on this after the fact and say, 'Here's some guys that made out like bandits.' " The goal is to fix the problem, he added: "The relationship between risk and reward ought to be reasonable but not obscene."
Treasury Secretary Henry M. Paulson Jr. yesterday named one of his former Goldman Sachs colleagues, Neel Kashkari, interim head of the newly created Office of Financial Stability, which will oversee the bailout fund. Kashkari is currently an assistant Treasury secretary for international economics and development. --more--"
Yeah, MINIMIZE the CONFLICTS of INTEREST in this whole thing, Globe!
Also see: Goldman Sachs' Government Loot Grab
