U.S. (taxpayer) to bailout FOREIGN banks now

[akarunway 1]

http://www.politico.com/news/stories/0908/13690.html WTF

I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all.

[billvon 3,120]

Don't worry. Per Treasury Sec Paulson, bailout of foreign-based banks vs. domestic banks is "a distinction without a difference to the American people." So it shall not matter to you.

[billvon 3,120]

Update - I did think this a bit odd so I looked around a bit.

Apparently a lot of foreign banks are lobbying like crazy for some of that $700 billion (and why wouldn't they?) and are having some successes. Two of the biggest, Barclay's and UBS, have been pushing especially hard for access to that money.

Why are they having any luck? Who in those companies has Washington's ear? Phil Gramm strikes again:

================
Since 2002, Gramm has been an executive with the U.S. operations of UBS, the giant Swiss Bank. An unintentionally hilarious interview with Gramm on the Wall Street Journal editorial page last week asserted that Gramm has "been a key instigator of some of the biggest money-making UBS deals of recent years." (from Slate)
================

He's like a one man disaster for McCain lately.