Posts Tagged ‘skin in the game’

US Taxpayer Plays “Skin In The Game” New Global Edition

August 12, 2010

  WASHINGTON (AP) – The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries’ financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department’s program, the Congressional Oversight Panel says in a new report issued Thursday.

The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.

But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.

“There were no data about where this money was going,” panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. “The American people have a right to know where the money went.”

Poorly conceived and poorly executed  rescue package putting taxpayers at  risk on a  global scale….. Geithner scared of Elizabeth Warren….

Mrs O Plays In Spain With Desperate Housewives, Riles Desperate US Voters With Skin In The Game

August 7, 2010

The First Lady, her youngest daughter Sasha, and their group of friends left the Spanish coast and travelled to Spain’s oldest bullring, the Plaza de Toros in Ronda for a day of sightseeing accompanied by their vast security escort in a 13 car motorcade.

The group — which included a number of Mrs Obama’s friends – visited some of the town’s historic houses and later stopped for lunch at Del Escudero restaurant, set in a 19th century villa with whitewashed walls and red roof tiles located next to the bullring.Meanwhile at the five-star luxury Villa Padierna, where the group have chosen to spend their mini-break, preparations were under way for Marbella’s event of the year – a star-studded charity gala hosted by Hollywood A-listers Antonio Banderas and Eva Longoria.

Expectation was high that the First Lady would be the special guest at the event on Saturday night after she received a personal invitation from Ms Longoria, star of Desperate Housewives, who lent her support to Barack Obama during his presidential campaign.

More than 400 tickets have been sold for the Starlite Gala at 1000 euros each, according to organisers, and reports suggested that this week another 200 people had applied for tickets and were on a waiting list after learning that Mrs Obama might be present.

Michelle O’s expensive trip riles taxpayers with skin in the game…