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EFTA01120567 | EFTA01120574 toxic mortgages, but $250 billion of the money was now shifted to direct capital injections for banks. (Although Paulson claimed at the time that handing money directly to the banks was a faster way to restore market confidence than lending it to homeowners, he later confessed that he had been contemplating the direct-cashinjection plan even before the vote.) This new let's-just-fork-over-cash portion of the bailout was called the Capital Purchase Program. Under the CPP, nine of America's largest banks — including Citi, Wells Fargo, Goldman, Morgan Stanley, Bank of America, State Street and Bank of New York Mellon — received $125 billion, or half of the funds being doled out. Since those nine firms accounted for 75 percent of all assets held in America's banks — $11 trillion — it made sense they would get the lion's share of the money. But in announcing the CPP, Paulson and Co. promised that they would only be stuffing cash into "healthy and viable" banks. This, at the core, was the entire justification for the bailout: That the huge infusion of taxpayer cash would not be used to rescue individual banks, but to kick-start the economy as a whole by helping healthy banks start lending again. The Scam Wall Street Learned From the Mafia This announcement marked the beginning of the legend that certain Wall Street banks only took the bailout money because they were forced to — they didn't need all those billions, you understand, they just did it for the good of the country. "We did not, at that point, need TARP," Chase chief Jamie Dimon later claimed, insisting that he only took the money "because we were asked to by the secretary of Treasury." Goldman chief Lloyd Blankfein similarly claimed that his bank never needed the money, and that he wouldn't have taken it if he'd known it was "this pregnant with potential for backlash." A joint statement by Paulson, Bernanke and FDIC chief Sheila Bair praised the nine leading banks as "healthy institutions" that were taking the cash only to "enhance the overall performance of the U.S. economy." But right after the bailouts began, soon-to-be Treasury Secretary Tim Geithner admitted to Barofsky, the inspector general, that he and his cohorts had picked the first nine bailout recipients because of their size, without bothering to assess their health and viability. Paulson, meanwhile, later admitted that he had serious concerns about at least one of the nine firms he had publicly pronounced healthy. And in November 2009, Bernanke gave a closed-door interview to the Financial Crisis Inquiry Commission, the body charged with investigating the causes of the economic meltdown, in which he admitted that 12 of the 13 most prominent financial companies in America were on the brink of failure during the time of the initial bailouts. On the inside, at least, almost everyone connected with the bailout knew that the top banks were in deep trouble. "It became obvious pretty much as soon as I took the job Page 18 of 16 EFTA01120574
May 10, 2026 at 2:49 AM
informingbritain.com
"GREEN FOR GO AS TOWN GETS A CASH BOOST"
#JamesMcNeil for @boltonnews.bsky.social

#Bolton has received a #CashInjection to help transform the way people of #GreaterManchester travel.

Full Story: t.ly/IBfpc

#BoltonNews
#TomorrowsPapersToday
#IBPAPERS
July 30, 2025 at 10:56 PM
hoydenspark.bsky.social
Like...he already works #FullTime but that doesn't cover even rent and bills. So once you factor in food, you can see the #MathIsntMathing and the only thing that will help is a big #CashInjection
June 24, 2025 at 6:02 PM