Thursday, July 16, 2009

Henry Paulson Grilled In Congress For BofA Deal

Listen to how Henry Paulson defends his action in getting Bank of America to buy over Merrill Lynch and suffer immense losses in the process.

Of course, there are always taxpayers standing behind all these losses.

Now that big banks like Goldman Sachs and JP Morgan Chase have reported spectacular 2nd quarter profit, they are preparing to ramp up pay packages to top talent.

Good news for the fat cats on Wall Street but how about the ordinary Joes in the street? After extending a lifeline, are they going to share in the spoils?


Pete said...

Capital bailouts might leave a deep impact of unbalanced in the credit system! Tax payers suffer!