oh throw up - U.S. Treasury to Hire Up to 10 Asset Management Firms

[ensho]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGGMo21aihyg


The U.S. plans to hire five to 10 asset-management firms as Secretary Henry Paulson establishes the government's new office for handling the financial bailout, a Treasury official said.

The department will also add about two dozen new employees, a mix of bankers, lawyers, accountants and others, the official said today on condition of anonymity. The Treasury's first attempt to hold an auction to buy troubled assets from financial firms will take at least four weeks to set up, said the official.

``We've been doing a lot of work getting ready for this,'' Paulson told reporters after Congress passed the Bush administration's $700 billion rescue package for financial institutions. ``Once the legislation is signed, we're going to be going out and lining up advisers from the private sector.''

Some of the Treasury's new employees will be on the government payroll, while others will be contractors, the official said. In selecting the asset-management firms, the Treasury plans to look at the cost and scope of services offered by the competing companies.

The Treasury is still considering guidelines on compensation and conflict-of-interest policy, the official said.
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[Kurt_and_Hunter]

1. Yeah, they should hire ten dog groomers or cocktail pianists instead

[asjr]

8. And the pianist could play

Jail House Rock for all those "managers" who are hired out of the neocon pool of economics.

[Lifetimedem]

2. Yea what we need

more government

[marmar]

4. We need more government.....the effective, non-kleptocratic kind.

N'est-ce pas?

[amdezurik]

3. so hank is still on an out-sourcing kick

i guess those dammed civil servants with their rights and stuff just are not as "helpful" as firms that helped get us where we are, are...

[marmar]

5. Probably all friends of Komissar Paulson.....

n/t

[John Q. Citizen]

6. Will they pay them a rate equivalent to what they made packaging and marketing mortgage backed

securities?

So they get a commission for creating the problem and also for uncreating the problem.

[dixiegrrrrl]

7. I nominate Fuld to determine compensation..

Just to make this incredibly over the top clusterfuck truly magnificent.

Is there a word that means clusterfuck x 100? :wow:

K&R this, it's it too incredible to miss.

[EmeraldCityGrl]

9. They know the gig is up and this it their last ditch effort

to entrench them selves into the system.

When Obama get's into office he'll fumigate the government and it
once and for all of these bloodsucking opportunists. Paulson and
his ilk will have no place to hide.

[lpbk2713]

10. And just by coincidence ....

... they will all be rethuglican stooges. And we will soon be in even deeper shit than we are now.

Count on it.

[Union Thug]

11. Fox, this is the hen house. Now play nicely. n/t

[UP_4012]

12. When I read the subject line....

a cold, tingly, almost wet feeling, sometimes referred to as pure terror, went down my spine. The unforgivable giveaway to those firms is going to be managed by the private sector. If these "advisers" are going to be pulling the strings, which I imagine they will, then I really have no words to describe the upcoming fraud, deceptions, and ensuing expensive cover up for yet another failure of this administration and congressional leadership.