Can you say “boondoggle?” How about, “corporate welfare?”
The proposal is a mere three pages long, but it gives sweeping powers to the government to dispense gigantic sums of taxpayer dollars in a program that would be sheltered from court review…
Among the key issues up for negotiation is which financial institutions would be eligible for the help. The proposed legislation doesn’t make it clear, leaving open the question of whether hedge funds or pension funds could qualify.
The proposal does not require that the government receive anything from banks in return for unloading their bad assets. But it would allow the Treasury Department to designate financial institutions as “agents of the government,” and mandate that they perform any “reasonable duties” that might entail.
The government could contract with private companies to manage the assets it purchased under the rescue.
In other words, the Bush Junta is not only going to funnel nearly a trillion dollars to the criminally irresponsible corporations that helped cause the mess to begin with, it will also funnel millions — if not billions — of dollars more to other corporations in order to do so.
Have I mentioned that I’m sharpening the tines on my pitchfork, bundling twigs and branches for torches, and contacting like-minded villagers?