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One of the world's most powerful financiers attacked the U.S. £400billion bank bail-out as 'ill-conceived' today after it was passed by lawmakers in a crunch vote.
A revamped version of President Bush's huge economic rescue plan with $100billion in extra tax breaks was approved by 75 votes to 25 in the Senate in the early hours.
But George Soros, the billionaire investor who made a fortune when the pound fell on Black Wednesday in 1992, claimed it would take the U.S. down totally the wrong track.
'The plan is ill-conceived or not conceived at all,' he said, suggesting that the current package would leave taxpayers paying way above the odds for bad debts.
Instead of the government buying failing mortgage assets from the banks, it should have allowed more institutions to go bust, he argued.
Private capital could then have been used to refinance the banks, with the U.S. Treasury chipping in to buy shares if there was a shortfall.
Mr Soros said this would have ensured taxpayers could share in any future gains from the bail-out.
'Ill-conceived': Billionaire investor George Soros claims the bail-out plan is flawed
'If administered properly, this recapitalisation would be enough to let the banks lend again,' he added.
There were also signs on markets across the globe that investors felt the rescue was not enough today as stocks fell.
Japan's Nikkei closed down 1.1 per cent and the Hang Seng in Hong Kong was down 1.2 per cent. Stocks also fell in Australia, South Korea, Singapore and Taiwan.
The London Stock Exchange, however, saw gains in early trading - up almost 60 points at one point to go slightly above the 5,000 mark for the first time in days.
And in Washington, the plan's detractors failed to damp the sense of relief at the Senate's approval of the bill after its shock rejection in the House of Representatives on Monday.
U.S. Treasury Secretary Hank Paulson's initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute that won approval early today now runs to over 450 pages.
The vote was intended to heap more pressure on rebel Republican congressmen and women to bow to the will of the White House and congressional leaders and flip their votes.
Political leaders from both parties had orchestrated a concerted drive to ensure it was passed despite the massive public protests at the cost to the taxpayer and the fact the extra tax breaks could add another £80billion to the price tag.
US presidential rivals, senators John McCain and Barack Obama shook hands on the floor before they both backed the Bill, as did Delaware senator Joe Biden, the Democratic vice-presidential nominee.
President George Bush later applauded the Senate for its 'strong bipartisan vote' and said the success of the deal was vital for the financial security of every American.
He urged the House of Representatives, which rejected the original package on Monday, to reverse its stance when it considers the amended plan and predicted that the emergency legislation would succeed.
'With the improvements the Senate has made, I believe members of both parties in the House can support this legislation,' he said.
'The American people expect - and our economy demands - that the House pass this good Bill this week and send it to my desk.'
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... to back a $700 billion rescue plan ... Billionaire George Soros today branded US Treasury secretary Hank Paulson’s planned $700bn (€477bn) rescue package “ill-conceived” and ...
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Search - Yahoo! Finance
Billionaire George Soros today branded US Treasury secretary Hank Paulson’s planned $700bn (€477bn) rescue package “ill-conceived” and ... to back a $700 billion rescue plan ...
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Zee News - US $700 bn bailout package
... on how to clear obstacles to the unpopular rescue plan. ... over the shape and price of the bailout, new economic ... Package ill-conceived: Soros Describing the USD 700 billion bailout ...
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CRITICAL IMPROVEMENTS TO THE RESCUE PLAN. Democrats ... political interest of Democrats for the plan to fail and an economic ... Rightly so: it was ill-conceived. Congress would be ...
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How to Run a Government Rescue: Economic Crises ... David Gergen, CNN An Ill Conceived Rescue Plan - Robert Robb ... Wants McCain to Attack - The Politico Soros Floats Alternative Plan ...
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U.S. celebrates bail-out vote but Soros slams deal as 'ill-conceived'
One of the world's most powerful financiers attacked the U.S. £400billion bank bail-out as 'ill-conceived' today after it was passed by lawmakers in a crunch vote. A revamped version of President Bush's huge economic rescue plan with $100billion in ...
more ...
go to website
Source: Daily Mail
NewsDateTime: 1 hour ago
Recapitalise the banking system
The emergency legislation currently before Congress was ill-conceived – or more ... The rescue package as it is now constituted is an amalgam of multiple approaches ... success, and cost taxpayers less in the long run. The writer is chairman of Soros ...
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Source: Financial Times
NewsDateTime: 23 hours ago
House prices crash £30,000
... shoppers pull in belts US celebrates but Soros slams rescue deal as ill-conceived New 'Cobra' unit will tackle economic ... Bush's $700 billion bank bail-out plan. The ... US celebrates but Soros slams rescue deal as ill-conceived
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Source: Evening Standard
NewsDateTime: 6 hours ago
The number of Americans continuing to collect uninsurance claims increased by 48,000 to 3,591,000 for the week ended Sept. 20, the most recent week available. The 4-week moving average jumped 46,750 to 3,528,500 from the preceding week. Economists from Briefing.com expect September job losses to spike to 105,000 and for the unemployment rate to remain steady at 6.1% when the government's monthly report is released Friday. The economy already has lost 605,000 jobs this year
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