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Australia's Rudd Welcomes and Helps Design U.S. Bailout, Zoellick Praises Cox' SEC

Byline: Matthew Russell Lee of Inner City Press at the UN: News Analysis

UNITED NATIONS, September 23 -- Not only would the $700 billion bailout being debated in Congress benefit non-U.S. institutions, it emerged Tuesday at the UN, the details of the bailout are being negotiated with other governments. Inner City Press asked Australian prime minister Kevin Rudd which of his country's companies stand to benefit from the bailout as designed and clarified by the Treasury Department's factsheet.

   "Our Treasury and Central Bank are discussing with their American counterparts the full and final details of the package," Rudd answered. Video here, from Minute 10:32.  Rudd then said he was "reserving comment" but that "we welcome" the bailout.  Why not? What a windfall for a relatively affluent country like Australia to have its financial institutions bailed out by the U.S..

Kevin Rudd at UN, specifics of U.S. bailout not shown

  Inner City Press asked World Bank president Robert Zoellick, who appeared along with Rudd at the microphone in front of the UN Security Council on Tuesday night what he thinks of the proposal to ban all short-selling. Zoellick said he is mostly involved in the developing world, but that Paulson and Bernanke and the SEC have taken "important and good steps." The SEC, of course, has done nothing to date but prohibit so-called naked short selling. Now he is belatedly speaking about credit default swaps.

  French President Sarkozy, preening for the reporters traveling with him, said that if corporate CEOs got bonuses during the good times, it is impossible for them to now claim not to be responsible for failures. He did say it, but we will: rather than a bailout, it might be time for a jail-out. Or a jail-in, as the case may be.

Watch this site, and this Sept. 18 (UN) debate.

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These reports are usually also available through Google News and on Lexis-Nexis.

Click here for a Reuters AlertNet piece by this correspondent about Uganda's Lord's Resistance Army. Click here for an earlier Reuters AlertNet piece about the Somali National Reconciliation Congress, and the UN's $200,000 contribution from an undefined trust fund.  Video Analysis here

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