I’m shaking my head in disbelief as I share this with you…
I’m not even surprised anymore:
The Treasury Department this week plans to start outsourcing the management of up to $700 billion in troubled securities, using special contracting authorities that enable it to retain private portfolio managers, custodians and other financial services consultants without following standard acquisition procedures.
The department’s quick turn to the private sector will help it prepare for the massive task of overseeing mortgages and other financial assets to be acquired by the government as part of the Emergency Economic Stabilization Act that was approved by Congress and signed by President Bush on Friday.
But it means that the government has little time to assess the companies that will be partners in what could become one of the largest public-sector funds in American history. Some of the same firms that have played roles in the rise and collapse of the mortgage-backed securities market may end up guiding the government as the bailout unfolds, department officials said.
PICK UP THE FUCKING PHONE AND CALL YOUR SENATOR AND CONGRESSMAN AND GIVE THEM AN EARFUL OF SHIT FOR THIS….
Yes, who better to get us out of this financial crisis than the people who fucked it up in the first place.
emails sent.
OK-
The Secretary of the Treasury:
-a former CEO of Goldman Sachs
– a guy who argued for rule changes that allowed the investment banks to drastically lower the oversight of their books while head of Goldman
-A guy who proposed to regulators allow them to use tons on leverage – and this is my favorite part – specifically so the IBs could invest in Mortgage Backed Securities
When that guy specifically requests and is granted minimal oversight and gets a $700 Billion fund –
How did you think it would happen?
What did you expect?
Castle’s biggest donors are from the investment/financial services industry! Think he is lookin out for you/me?
I called this, certainly. And why Congress wouldn’t require these firms to be excluded is beyond me.