We are gonna bail out foreign banks also! HOLY MOLY!

[Liberal_in_LA]

http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/092208dnnatbailout.1c7201b.html

Foreign banks want to be covered by U.S. bailout

11:47 PM CDT on Sunday, September 21, 2008
The New York Times

PARIS – It looks as if the American financial bailout may be going global, a move that could raise its cost and intensify scrutiny by Congress and critics.

(***********cut*****************)


The original text included only financial institutions in the United States.

Foreign banks such as Barclays and UBS with significant business in the U.S. began calling the Treasury, arguing that foreign institutions were both big employers and major players in the American capital markets. By Saturday evening, the language had been changed to include any financial institution "having significant operations" in the United States.

[glowing]

1. AND Mooseburger is ready to lead this in the event of McCain's heart failing?

Yeah, right... AND I'm the freaking Queen of England..

[BlooInBloo]

2. Maybe you didn't hear the best part: Phil Graham is vice-chairman of UBS!

http://talkingpointsmemo.com/archives/218587.php

"The Big Question: 2+2=4?

The New York Times reports this evening that "foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks."

The Times further reports that two of the biggest foreign banks in need of such relief are Barclays and UBS. In fact, my understanding is that UBS is more on the line here than any other foreign bank.

Let's add this up.

John McCain's top economics advisor, who is widely believed to be his choice for Treasury Secretary, should he win in November, is former Sen. Phil Gramm. (Indeed, just last night his spokesman refused to say Gramm wouldn't be McCain's choice for Treasury Secretary.)

Gramm is both vice chairman of UBS's US division and a lobbyist for UBS.

If UBS successfully lobbied over the weekend to get in on the bailout, what was Gramm's role in the lobbying?"

[Liberal_in_LA]

3. OMG! This thing is rolling down the hill at break neck speed.

[amandabeech]

4. Foreign governments are going to have to bail out their own idiotic financiers.

Barney Frank said that when AIG was going down the toilet, foreign finance ministers were urging Paulson and Bernanke to do something. Frank said that our guys should have asked for money. They didn't.

We should not take the rap for every idiot in the world, including Freddie Mac bondholders.

[still_one]

5. Gee, and the Democrats are signing on to that also? /nt

[KathieG]

6. Oh for chrissakes...this is ridiculous

[Shardik]

7. Holy shit.

That's all I can say on reading this.

[Bluebear]

8. Yay! I'm sure Mooselini will be up to the task with all her executive experience!

[struggle4progress]

9. They really have a talent for pissing other people's money away!

[reggie the dog]

10. wait, your taxes are going to pay debt in the EU???

You folks will pay all this money but only the debt will be nationalized, the government will not take over the banks and run them as state banks, they will let the people running them stay in place, perhaps every 5 or 10 years the american taxpayer will just pay another trillion dollars. As someone living in France this works for me. You pay, we all benefit, thanks for the help americans.

[Kablooie]

11. Americans are so kind and generous.

[countryjake]

12. K&R