10-15-2008, 09:30 PM
By Emily Cadei, CQ Staff
Ralph Nader is asking Treasury Secretary Henry M. Paulson Jr. to ante up when it comes to the government bailout of the nationââ¬â¢s financial system.
The perennial third-party presidential candidate and populist gadfly sent a letter to Paulson Tuesday criticizing the latest government move to shore up the ailing banking sector and suggesting that the secretary personally share the burden of rescuing his ââ¬Åbuddies on Wall Street.ââ¬Â
The White House announced Tuesday that it was investing $250 billion into the countryââ¬â¢s leading banks to ease the credit crunch. Paulson said the move was necessary ââ¬Åto restore confidence in our financial system.ââ¬Â
Nader, echoing a widely held view among taxpayer advocates, has objected to the use of government funds to save banking executives from a disaster of their own making.
He noted that Paulson reportedly made more than half a billion dollars from his previous career at the investment banking firm of Goldman Sachs. Now, Nader wrote, ââ¬ÅWe expect you to set an example and stand in solidarity with the taxpayers by contributing a fraction of your fortune [or about $200 million] to this bailout.ââ¬Â
No word from Paulson on whether heââ¬â¢s likely to buy into that idea. But if heââ¬â¢s like other investors who have lost money on the market in recent weeks, he may not have $200 million left.
http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=news-000002974762
Ralph Nader is asking Treasury Secretary Henry M. Paulson Jr. to ante up when it comes to the government bailout of the nationââ¬â¢s financial system.
The perennial third-party presidential candidate and populist gadfly sent a letter to Paulson Tuesday criticizing the latest government move to shore up the ailing banking sector and suggesting that the secretary personally share the burden of rescuing his ââ¬Åbuddies on Wall Street.ââ¬Â
The White House announced Tuesday that it was investing $250 billion into the countryââ¬â¢s leading banks to ease the credit crunch. Paulson said the move was necessary ââ¬Åto restore confidence in our financial system.ââ¬Â
Nader, echoing a widely held view among taxpayer advocates, has objected to the use of government funds to save banking executives from a disaster of their own making.
He noted that Paulson reportedly made more than half a billion dollars from his previous career at the investment banking firm of Goldman Sachs. Now, Nader wrote, ââ¬ÅWe expect you to set an example and stand in solidarity with the taxpayers by contributing a fraction of your fortune [or about $200 million] to this bailout.ââ¬Â
No word from Paulson on whether heââ¬â¢s likely to buy into that idea. But if heââ¬â¢s like other investors who have lost money on the market in recent weeks, he may not have $200 million left.
http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=news-000002974762