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San Diego continues to reward bad behavior
There's an angle on the Wall Street bailout bill that Congress just passed that hasn't gotten much, if any, attention in the US press: 25% of the $700 Billion US bailout funds are going to the five largest British Banks. British banks HSBC, Barclays, Royal Bank of Scotland, HBOS and Lloyd's TSB are slated to receive up to $175 billion (25%) of the $700 billion US taxpayer bailout of Wall Street, according to a September 26, 2008 article in The Times by Miles Costello. The story noted that “Combined, the five British lenders hold securities worth $175 billion, which they could transfer to a federally backed Treasury fund. Under the proposed terms of the rescue package, non-US financial institutions must have significant operations in America to qualify.” Congress recently passed a Bill that provided $25 billion to US automakers to shore up their balance sheets and retool to build more energy efficient cars. Can you imagine the hue and cry if even $1 of US taxpayer bailout funds were directed to Japanese or German of Korean or British automakers because they have “significant operations in the US”? So why has no one in the know uttered so much as a peep about $175 billion of the Wall Street bailout going to Britain? What is this Lend Lease II? The Times article of Sept 26, 2008 by Miles Costello is at www.business.timesonline.com.uk— October 3, 2008 2:14 p.m.