IG Report Finds Paulsen, Bernanke Misled Public on Banking Rescues


	IG Report Finds Paulsen, Bernanke Misled Public on Banking Rescues

jatfla

10-5-2009 9:51 AM

99 views

jatfla says:

This has been a crisis coming for years.

Just asking....how is it that printing more money and allowing China to buy us...helps?

1 Comment |

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10-5-2009 10:15 AM

4ensic

How long until this IG is fired?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/d32741f5-4aea-40f6-b895-85edd1ab8c62/C0085DE2-B947-405B-B1CD-18D79B5A6185/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/" href="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/" style="font-size: 11px;">www.foxnews.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/"><H1>IG Report Finds Paulsen, Bernanke Misled Public on Bank Rescues</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/"> The credibility of the government's $700 billion financial rescue program was damaged by claims a year ago
      that all of the initial banks receiving support were healthy, a new report contends.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/">then-Treasury Secretary
      Henry Paulson and other officials were wrong to contend at an Oct. 14 press conference that all nine institutions receiving
      the first round of support -- $125 billion -- were sound.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/">"Statements that are less than careful or forthright
      -- like those made in this case -- may ultimately undermine the public's understanding and support," </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/">"This
      loss of public support could damage the government's credibility and have long-term unintended consequences that actually
      hamper the government's ability to respond to crises."</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foxnews.com/politics/2009/10/05/government-report-questions-bank-rescue-claims/">the Federal Reserve generally supported the findings, saying "transparency
      and effective communications are important to restoring and maintaining public confidence, especially during a financial crisis."</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/C0085DE2-B947-405B-B1CD-18D79B5A6185/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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