From: Alex James [mailto:[email protected]] Sent: Tuesday, October 06, 2009 8:17 PM Subject: Goldman to be paid $1Bn if CIT fails while taxpayers would lose $2.3Bn: Reports on Bailouts says Treasury Misled Public;Buyout Firms Profited as a Company's Debt Soared
From: [email protected] [mailto:[email protected]] On Behalf Of CLG_News Sent: Monday, October 05, 2009 8:50 PM To: CLG News Subject: Goldman to be paid $1bn if CIT fails News Updates from Citizens For Legitimate Government 05 Oct 2009 <http://www.legitgov.org> http://www.legitgov.org All links are here: <http://www.legitgov.org/#breaking_news> http://www.legitgov.org/#breaking_news Report on Bailouts Says Treasury Misled Public <http://www.nytimes.com/2009/10/05/business/economy/05bank.html> 05 Oct 2009 The inspector general who oversees the government's bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks. A Treasury official made incorrect statements lied about the health of the nation's biggest banks even as the government was doling out billions of dollars in aid, according to a report on the Troubled Asset Relief Program to be released on Monday by the special inspector general, Neil M. Barofsky. Goldman to be paid $1bn if CIT fails <http://www.ft.com/cms/s/0/9170b5f2-b10f-11de-b06b-00144feabdc0.html> --Payment part of a $3bn 'rescue' package 04 Oct 2009 Goldman Sachs stands to receive a payment of $1bn -- while US taxpayers would lose $2.3bn -- if embattled commercial lender CIT files for Chapter 11 bankruptcy protection, people familiar with the matter said. The payment stems from the structure of a $3bn rescue finance package that Goldman extended to CIT on June 6 2008 [during Bush's Reign of Terror], about five months before the Treasury bought $2.3bn in CIT preferred shares to prop it up at the height of the crisis. [And Obusha is going to stop this insanity, right? LOL.] Buyout Firms Profited as a Company's Debt Soared <http://www.nytimes.com/2009/10/05/business/economy/05simmons.html> 05 Oct 2009 Simmons says it will soon file for bankruptcy protection, as part of an agreement by its current owners to sell the company, all after being owned for short periods by a parade of different investment groups, known as private equity firms, which try to buy undervalued companies, mostly with borrowed money. The financiers borrowed more and more money to pay ever higher prices for the company, enabling each previous owner to cash out profitably. Today, Simmons owes $1.3 billion, compared with just $164 million in 1991, when it began to become a Wall Street version of "Flip This House." Those who wish to be added to the list can go here: <http://www.legitgov.org/#subscribe_clg> http://www.legitgov.org/#subscribe_clg and add your name. 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