“Big Banks Get $125 Billion Cash Going Away Gift”
By Robert Wenzel [EconomicPolicyJournal]
http://www.informationclearinghouse.info/article21009.htm

‘ Please sit down before you read this. If you have high blood pressure or heart trouble don’t even try to read this, find a decent sports page instead, this is not for you.

‘ Approximately half of the first $250 billion tranche of money approved by Congress for the mortgage crisis will end up in the hands of the “healthy” big banks.

‘ “For the good of the American financial system,” Treasury Secretary Paulson has told the big banks they must take his $125 billion (Give or take a billion or two) handout, reports NYT.

‘ Citigroup and JPMorgan Chase were told they would each get $25 billion; Bank of America and Wells Fargo, $20 billion each (plus an additional $5 billion for their recent acquisitions); Goldman Sachs and Morgan Stanley, $10 billion each, with Bank of New York Mellon and State Street each receiving $2 to 3 billion. Wells Fargo will get $5 billion for its acquisition of Wachovia, and Bank of America the same for amount for its purchase of Merrill Lynch. So much for bailing out the mortgage market. …’
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Color Me ENRAGED!!

Reminds me a LOT of the saying, “We had to destroy the village to save it.” Besides, isn’t the TOO-free market what got us into this mess? If so, why strive to “preserve” it?? (Yeah, i know: just consider the source — it’s all BUllSHit!)

“Bush: Bank Buyout Needed ‘To Preserve Free Market’
http://www.commondreams.org/print/33382

‘… The nine initial banks taking part are Bank of America, Merrill Lynch, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, State Street and Wells Fargo. …’
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AND, Is it just me having missed something, or were others here also under the impression that several of the nine “nationalization” candidates listed above weren’t in ANY particular trouble financially?