The problem with Paulson's $700 billion bailout is transparency. The auto industry begging for money raises some important question: why are some industries being propped up and others left to die? Why has it changed from buying up the toxic mortgages that started the meltdown to throwing a lifeline to bad banks?
These are the implications of a letter from the Project on Government Oversight group to Congress.
The note raises key issues like where the hell did Treasury find billions of dollars more to prop up AIG and why Treasury head Paulson authorized the purchase of $10 billion of preferred stock from Goldman Sachs at a price significantly higher than that paid by Warren Buffett a week earlier?
Until we get answers, the doubts will continue.
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