Jump to content
House Price Crash Forum
Sign in to follow this  
Dr House

Bear Sale To Be Probed By Senate

Recommended Posts

Bear Stearns Sale to JPMorgan to Be Probed by Senate (Update1)

By Ryan J. Donmoyer

March 26 (Bloomberg) -- The top lawmakers on the Senate Finance Committee said they are reviewing the terms of the taxpayer-backed sale of Bear Stearns Cos. to JPMorgan Chase & Co.

Committee Chairman Max Baucus, a Montana Democrat, and Iowa Senator Charles Grassley, the panel's top Republican, sent a letter to Bear Stearns Chief Executive Alan Schwartz, JP Morgan Chief Executive Jamie Dimon, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben S. Bernanke, and New York Fed President Timothy Geithner seeking details on how the buyout was negotiated.

``Americans are being asked to back a brand-new kind of transaction, to the tune of tens of billions of dollars,'' Baucus said in a statement. ``With jurisdiction over federal debt, it's the Finance Committee's responsibility to pin down just how the government decided to front $30 billion in taxpayer dollars'' for the deal, Baucus wrote.

The committee's inquiry may herald a broader congressional backlash to the agreement, which Senate Majority Leader Harry Reid of Nevada has described as a ``bailout.''

``Economic times are tight on Main Street as well as on Wall Street, and we have a responsibility to all taxpayers to review the details of this deal,'' Baucus wrote. Grassley said the panel wants to determine whether the arrangement sets a precedent ``for federal involvement when other firms overextend themselves'' and ``whether taxpayers will lose money here.''

Basically, the Democrats on Capitol Hill know exactly what is going on and they are going to pursue this right through... If you recall they grilled the fat cats a month ago on just how they justified their salaries. Marvellous viewing.

For all the Bilderberger talk etc the US Political System does have check and balances....................... and this is an example of how they should work.

Share this post


Link to post
Share on other sites
Bear Stearns Sale to JPMorgan to Be Probed by Senate (Update1)

By Ryan J. Donmoyer

March 26 (Bloomberg) -- The top lawmakers on the Senate Finance Committee said they are reviewing the terms of the taxpayer-backed sale of Bear Stearns Cos. to JPMorgan Chase & Co.

Committee Chairman Max Baucus, a Montana Democrat, and Iowa Senator Charles Grassley, the panel's top Republican, sent a letter to Bear Stearns Chief Executive Alan Schwartz, JP Morgan Chief Executive Jamie Dimon, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben S. Bernanke, and New York Fed President Timothy Geithner seeking details on how the buyout was negotiated.

``Americans are being asked to back a brand-new kind of transaction, to the tune of tens of billions of dollars,'' Baucus said in a statement. ``With jurisdiction over federal debt, it's the Finance Committee's responsibility to pin down just how the government decided to front $30 billion in taxpayer dollars'' for the deal, Baucus wrote.

The committee's inquiry may herald a broader congressional backlash to the agreement, which Senate Majority Leader Harry Reid of Nevada has described as a ``bailout.''

``Economic times are tight on Main Street as well as on Wall Street, and we have a responsibility to all taxpayers to review the details of this deal,'' Baucus wrote. Grassley said the panel wants to determine whether the arrangement sets a precedent ``for federal involvement when other firms overextend themselves'' and ``whether taxpayers will lose money here.''

Basically, the Democrats on Capitol Hill know exactly what is going on and they are going to pursue this right through... If you recall they grilled the fat cats a month ago on just how they justified their salaries. Marvellous viewing.

For all the Bilderberger talk etc the US Political System does have check and balances....................... and this is an example of how they should work.

Once the senate has looked at it and ok'd it, there goes any chance of legal recourse.

It's a stitch up.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 298 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.