Below are some comments on today’s plea from the Washington Post Editorial Board for more money for the International Monetary fund.
The bailout of private banks and financial institutions has become a touchy political issue in the United States, ever since President Bush’s Treasury Secretary and former Goldman Sachs CEO Hank Paulson asked Congress for a $700 billion dollar blank check last September.
Now the Obama administration is asking the Congress for $108 billion for the International Monetary Fund. What is all this money for? There is an answer staring us in the face from the financial press: European banks.