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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (3936)	12/29/2008 9:36:58 AM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 103300

Re: "And no accounting of where the money went? Who voted for that?" No one voted for that - it wasn't in the authorizing legislation. (Believe the House passed auditing regulations but they were blocked in the Senate. The Panic and the Rush did the rest. Guess everyone thought that the Treasury Department --- since they were put in charge of the program, of spending the money --- would come up with appropriate regulations.) Bet folks were very surprised when the Treasury did not! :-) So... it was a PANICKED and RUSHED initial appropriation.... But, I wager that the second half of the authorization, the next $350 Billion, will NOT be appropriated until and unless the some specific language is included which forces the banking institutions to PUBLICLY report what they are using the taxpayer money for.

To: GROUND ZERO™ who wrote (3936)	12/29/2008 10:08:59 AM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 103300

Lehman bankruptcy filing wiped out billions: report Mon Dec 29, 2008 9:35am EST reuters.com NEW YORK (Reuters) - Lehman Brothers Holdings Inc's emergency bankruptcy filing wiped out as much as $75 billion of potential value for creditors, The Wall Street Journal reported on Monday, citing an analysis by the bank's restructuring advisers. A more planned and orderly filing would have allowed Lehman to sell some assets outside of bankruptcy court protection and would have given it time to unwind derivatives positions, according to the analysis by Alvarez & Marsal. The Journal said it was too early to say how much money Lehman creditors would recover; it said unsecured creditors have asserted they are owed $200 billion. Lehman filed for bankruptcy protection in September after the U.S. government declined to bail it out and a frantic weekend of negotiations to save the investment bank failed. The Lehman meltdown touched of a stock market panic and credit crisis and was quickly followed by a government rescue of American International Group Inc, once the world's largest insurer. Lehman's demise also ignited a wave of fire sales of other giant financial groups such as Wachovia Corp and Merrill Lynch & Co Inc. Lehman executives were not immediately available to comment on the Journal report. (Reporting by Juan Lagorio, editing by John Wallace) © Thomson Reuters 2008. All rights reserved.