[lbo-talk] Dorgan: Real cost of bailout is $1.7 trillion, or $12, 200 for every US Taxpayer

Michael Pollak mpollak at panix.com
Wed Sep 24 10:20:39 PDT 2008


[Press release from his office. Passed on by Nomi Prins, who adds that Dorgan is one of the few Senators who opposed the Gramm-Leach-Bliley dismemberment of Glass-Steagall]

Wednesday September 24, 2008 For Immediate Release CONTACT: Justin Kitschor Brenden Timpe PHONE: 202-224-2551

** MEDIA ADVISORY **

DORGAN TO GIVE FLOOR SPEECH OUTLINING THE REAL COST OF THE FINANCIAL BAILOUT: $1.7 TRILLION, OR $12,200 FOR EVERY U.S. TAXPAYER (WASHINGTON, D.C.) -- U.S. Senator Byron Dorgan (D-N.D.) will give remarks on the floor of the Senate today at approximately 1:15 p.m. He will outline the real cost of bailouts to American taxpayers, which is actually $1.7 trillion, not $700 billion.

While the current discussion about the financial crisis is focused on the proposal to provide a $700 billion Wall Street bailout, this figure does not take into account many other bailouts meant to address the current economic situation, including:

- $29 billion: JP Morgan Chase for Bear Stearns - $300 billion: Fed Loans to Wall Street Firms - $300 billion: Federal Housing Administration - $200 billion: Fannie and Freddie - $87 billion: JP Morgan Chase for Lehman Financing - $85 billion: AIG - $50 billion: Prop up Money Market Funds

WHO: U.S. Senator Byron Dorgan (D-N.D.)

WHAT: Remarks on the Senate Floor regarding the true cost of bailouts to the American taxpayer

WHEN: Approximately 1:15 p.m. on Wednesday, September 24, 2008

-- END --

Justin Kitsch Communications Director U.S. Senator Byron Dorgan 202-224-1191 (work) 202-657-2583 (cell) 202-228-2122 (fax)



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