TCA (my initials)

September 23, 2008

the hammer

Filed under: politics — TCA @ 10:56 pm

That was Henry Paulson’s nickname when he was at Goldman Sachs.

Here are some corrections to my previous post in this blog.

I referred to “Treasury Secretary Paulson’s demand of zero accountability to the U.S. Congress.” According to the New York Times, Paulson’s draft bailout plan required that he report to Congress within the first “three months […] and semiannually thereafter.” That’s right, once every other year.

I described a trillion dollar scheme. Truth be told, “The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time.” Not a trillion dollars all at once.

However, I was correct about Paulson wanting to place himself on a pedestal above the courts. “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

That said, my previous blog post was old news and irrelevant by the time that I published it.

U.S. Senators attacked Paulson’s draft bailout plan earlier today like a pack of stray dogs on a front lawn tearing a Sunday newspaper to shreds.

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