Paulson Kicks Billions Back to Goldman Sachs, or Spreading the Wealth Republicon Style

Henry Paulson may be committing crimes by overpaying Goldman Sachs (his old stomping ground) and the eight other financial firms receiving the initial payout from the $700 billion bailout fund.

William Greider of The Nation has summarized and expanded upon the charge brought by Leo Gerard of the United Steelworkers Union.

The key is the deal already struck by everybody's favorite financial wiz these days, Warren Buffett. Buffett's deal with Goldman Sachs provides us with the benchmark against which to gauge the deal Paulson has struck, just twenty days following Buffett.

USW's Gerard writes,

"I am sure that someone at Treasury saw the terms of Buffett’s investment. In fact, my suspicion is that you studied it pretty closely and knew exactly what you were doing. The 50-50 deal — 50% invested and 50% as a gift — is quite consistent with the Republican version of the “spread-the-wealth-around” philosophy that seems so much in vogue."

Greider asks the obvious question: Will anyone take notice in the midst of the election campaign chaos?

The question I ask is: Does a Congress beholden to massive donors rather than the People care? Do they already know?

Let your members of Congress know that you know:

• SENATE
• HOUSE