US finance rescue plan aims to help healthy companies

[The Straight Story]

US finance rescue plan aims to help healthy companies

Washington - The US treasury secretary and central bank head Tuesday outlined details of a historic finance rescue plan that would help healthy finance firms and banks in addition to propping up weak or troubled companies.

Speaking before the US Senate banking committee, Secretary Henry Paulson and Federal Reserve chair Ben Bernanke described a broad- based plan that would purchase bad mortgage debts and complex mortgage-related-securities-gone-sour from mostly successful banks and investment houses.

The idea would be to keep them one step ahead of the bankruptcy monster eating its way through the pillars of the US finance system.

The 700-billion-dollar plan would be the largest government intervention in capital markets since the Great Depression of the 1930s, and has provoked public anger that tax dollars would be used to clean up years of unregulated Wall Street greed.


http://www.monstersandcritics.com/news/business/news/article_1432707.php/US_finance_rescue_plan_aims_to_help_healthy_companies_

[bemildred]

1. I do not want ANY wall street bankers anywhere near the control levers of any "failout" plan.

If something needs to be done, it needs to be transparent and under the control of public servants that are accountable to the public for the results.