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US Treasury Secretary wants P3s to bail out big banks

Plan to scrub assets could leave public holding the bag, while private speculators reap the biggest rewards.

US Treasury Secretary Tim Geithnerby Matthew Rothschild, The Progressive

March 23, 2009 - Tim Geithner's at it again, doing somersaults, with hundreds of billions of federal money flying out of his pockets in the process, all to distract us from the more sensible course of action, which is to nationalize the insolvent banks.

Instead, he wants to scrub their assets clean by having the government and some private speculators buy up their bad bets.

Geithner calls it the Public Private Partnership Investment Program, and if he were playing scrabble, he'd be all out of Ps.

But don't be confused. The public is taking the biggest risk, whereas the private speculators, for a tiny investment, can gain quite a lot...

To read further, please click on the link below.

Links and sources
  Geithner's Public Private Partnership Puts Public Most at Risk, by Matthew Rothschild, The Progressive, March 23 2009
  Has the Gaming of the Public-Private Partnership Begun?, naked capitalism, March 25 2009

Posted: April 03, 2009

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