Treasury Blacks Out Key Parts of Private Bailout Contracts

www.huffingtonpost.com...

Remember how Treasury Secretary Henry Paulson promised full transparency in spending the $700 billion bailout money? And remember how bailout opponents predicted that the failure to mandate such transparency would allow all sorts of Halliburton-style shenanigans? From the looks of the first private contracts issued by the Treasury Department, it looks like the bailout opponents were correct.

As flagged by BailoutSleuth.com, Paulson is blacking out the sections of government contracts that spell out how much private firms will be paid for their services in administering taxpayer money. Here's a page from the compensation part of a contract with Bank of New York, which has been hired to do some of the bookkeeping (because, of course, the Bush administration is happy to privatize that function):

So much for transparency.
Wouldn't we all like to know exactly what the figures are, that were blacked out?
After all, it is OUR money that they are using to pay these crooks.

We Americians are treated like children! The funny thing about these "black-outs" is when questioned, the government always says it is due to National Security.......How they gona explain this?

reply to post by ProfEmeritus



Obviously, despite their arrogance and propaganda in various fora about how they rule the world and about how the unwashed masses are powerless to act in their own interests .... the powers that be (aka 'scum') are TERRIFIED of The People

And are hoping The People NEVER realise their power to drag the powers that be (aka 'scum') out onto the streets and into a river of spit.

If things keep going like they have, I truly believe that the peasants will grab the pitchforks and storm the Bastille in DC! It's only a matter of time. More and more people are getting to the point where they have very little to lose.

reply to post by ProfEmeritus



Lol. I just deleted a post suggesting just that !

Needless to say I agree with you and the concept

Well I happen to know a Wells Fargo bank manager who is quite popular with the higher ups and they where furious when they where "forced" to take the buy out type "help" shoved down their throats by the fed. They didnt need it or want it because in the plans it clearly states that after 3 years the fed can sell "thier" stake to whom ever they choose and it doesnt have to be an american business or investor....hmmmmm
rothchilds anyone...

Everything is coming to a head. People are going to decide that they have nothing to lose by taking their torches and pitchforks to DC.
There is no excuse for this stuff to be blacked out other than more secrets, more stealing from the people, more funds for Halliburton and such.

Will there ever be an end to this madness?????

God help us all, they're going to need ALL THE TROOPS HERE AT HOME if Bush even tries to continue as DICTATOR. I can only hope these thugs get out and soooooooooon!!!!! Freakazoid head cases that they are.

That is because he is contracting all Sach ex cons and his very favorite dirty cronies.

Hey when you have a blank check at the expenses of tax payer you can spread the wealth that doesn't belong to you among your favorite pimps.

[edit on 22-10-2008 by marg6043]

reply to post by dgtempe



Yes .. torches and pitchforks


and a whole lot more


It must have been glorious watching those arrogant, corrupt heads rolling from the chopping block and into the baskets, back in the day


Oh well .. history repeats

Based on the gutless way in which this whole thing was passed . . . the $150 billion to convince congress and the senate that the economy was in dire enough straites to pass the bailout . . . the hundreds upon hundreds of billions that have been doled out like acid at Woodstock . . . the inability of the government to curb the self aggrandized golden parachutes by those who recieve the 'bailout' money . . . did anyone really think it would be any different?

I'll bet they'll claim that because a bank got envelopes full of nasty letters and baking soda, they need to keep names and amounts private to preserve the nation's security.

National security . . . right . . . anyone buying THAT one?

Occurs it pays to have your own thief working in the treasury department under the Bush administration.

Paulson's former firm to be among largest beneficiaries of bailout: bank

No wonder he doesnt want any over sight. Can you believe they are having the person who led us down this road to fix it? This is more bizzare than the warmongers using fake documents and fixed facts to lead us to our FIRST war of aggression against a country which had not killed one American and were not openly threatening us. Do we have to wait for one of them to write a book later to tell us what they are doing to us today? Why wait for the book, we can see it in plain sight today.

Who is managing the biggest scam and robbery of this century at the expenses of the tax payer?

Goldman Sach occurs.

What a scam.

current.com...

the fact that they are covering this up does not suprise me.
The fact that they are using or money in ways they don't want to show us does not suprise me.
The fact that they think we're dumb enough not to question it... Suprises me. A fifth graders smart enogh to see this...

i read an article yesterday which actually stated that PriceCoopersWaterhouse
will be one of 2 accounting firms to engage in some of the 'troubled assets'

and their participation and expertese will only be one of 4 or more 'teams'


heres a guage as to the price of the PriceCW contract... if i recall it was for Plus $450M for a contracted ammount of work until 2011.

a second, oversight firm, was supposed to double check the PCW work, for a fee of $130+M..

i will try to recover the article & link, because it was the first i heard of the accounting costs for the first batch of Troubled Assets being bought with the remaining $100bn
(see the Treasury already spent one tranch of the promised $700bn...
to fund the $70bn bonus pool for the 9 'sacred' banks employees,
plus buy into the banks with $25bn bankrolls of preferred stocks from many of these same 9 'sacred' primary-dealer banks..)

the Treasury yesterday awarded a guarantee of another $540bn to the various 'money market' deposits/depositors that several of these banks sell to the public... And that an 'oversight-accounting contract' has definitely been awarded to Goldman Sachs,,, & from what i understand -> GS will need to create 5 more regional divisions of 'Money Market' accounting offices to provide guaranty that the government guarantees are being administered.
Paying !! the fox to guard the hen house....Again



off to retrace my CP history, thanks

OK, i stand corrected on parts of my earlier post...


priceWaterhouseCooper was awarded $191,469.27
Ernst & Young has also been awarded $492,006.95


both contracts for the limited hours of work, extend only till 30 Sep 2011

find the article here:
"Two Big Accounting Firms Chosen for Rescue Program"

republicbroadcasting.org...

So Udio in other words after these thieves of tax payer keep paying themselves for contracts to "favored firms" the bail out money of 700b will be gone and occurs another 700b will be needed to keep the different contracts working.

Darn it sounds like Iraq and the private give away.

But then again already about 2.5 trillion has been awarded to banks or "promises to banks"

Can somebody keep the math on this !!!!!!!!!!!!!!!!!!!!!!!!!!!! it seems that we will be bankrupting ourselves the tax payer just to keep the wealthy global elite happy and their minions "working on the problem".

[edit on 22-10-2008 by marg6043]

MARG: I'd love to keep tabs on this... But my calculator doesn't go that high!!!

reply to post by Jkd Up


Remember the iraq, missing funds, and that was with "congress watch" now with oversight, we will never be able to tab the "missing funds" that will be stolen away from the tax payer.



[edit on 22-10-2008 by marg6043]

reply to post by marg6043


I don't understand why no one is doing anything about this. Our senators are standing by letting this happen...

It seems that this government could get away with anything and all we just do is sit on the side lines complaining. Argh gets me so angry that they have no one to answer to and do as they wish.

-Ign0rAnT

How many inside jobs do they need to do before people will actually see the govt for what it is?